Ato Essien demonstrated sheer greed - Judge who handed 15 year sentence

Justice Eric Kyei Baffour, presiding over the case, didn't mince words as he handed down a 15 year prison sentence to William Ato Essien, the founder of the now-defunct Capital Bank.

Ato Essien was convicted for his involvement in the misappropriation of an astounding GH¢90 million from the bank's coffers.

The verdict came after a heartfelt

Read full articleassessment of the impact of Essien's actions on the bank's depositors and the nation by the judge, citinewsroom.com report.

The judge stated, "The convict demonstrated sheer greed in his desire to own another bank besides Capital Bank Ltd and left no stone unturned through subterfuge and deceit with pure criminal intent to set up Sovereign Bank Ltd. Being in a position of trust, he was expected to have demonstrated a sense of responsibility and true fidelity. He had no cause, whatsoever, to steal such gargantuan sums of money."

Justice Kyei Baffour, who holds the position of a Justice of the Court of Appeal with additional responsibilities as a High Court judge, also emphasized that Essien's actions caused immense hardship for countless individuals during the collapse of Capital Bank.

Many innocent citizens lost their jobs, and the nation was compelled to expend substantial sums of money to aid creditors and depositors affected by the bank's downfall, leaving them in destitution and suffering.

Essien had previously pleaded guilty to 16 counts of stealing and money laundering on December 13, 2022, admitting to dissipating over GH¢90 million in liquidity support that had been extended to Capital Bank by the Bank of Ghana (BoG).

He was convicted but managed to avoid immediate incarceration by agreeing with the Attorney-General (A-G) to repay the GH¢90 million to the state as reparation and restitution.

This agreement was made possible through Section 35 of the Courts Act, 1993 (Act 459), which allows accused persons facing charges of causing economic loss to the state to admit their guilt and make restitution to potentially avoid imprisonment.

Essien promptly remitted GH¢30 million in December of the previous year, with the court-approved agreement stipulating that he was to pay the remaining GH¢60 million in three GH¢20 million instalments.

The first payment was due on or before April 28, 2023, the second by August 31, 2023, and the final tranche on or before December 15, 2023.

However, after Essien failed to meet the agreed-upon payment deadlines, the A-G applied the same Section 35 of Act 459, prompting the court to impose a custodial sentence on him.

As of the date of his incarceration on October 12, 2023, Essien had paid a mere GH¢7 million out of the possible GH¢40 million, thus violating the terms outlined in the agreement.

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