William Ato Essien, the founder of the now-defunct Capital Bank, was convicted to 15 years in jail with hard labor by an Accra High court.
After Mr. Essien was found guilty, the now-defunct financial institution received about GH¢90 million in liquidity support from the Bank of Ghana.
This follows his unwillingness to reimburse the State in full for the sum he agreed to pay, even though he was given the chance to do so.
He had already paid ¢30 million in advance, and by April 28, 2023, he had to make the first installment of the ¢60 million balance due.
This was in the criminal action that was brought against him when the bank failed.
In accordance with the provisions of the agreement, the state asked the court for a prison sentence.
The convict’s attorney requested that Justice Eric Kyei Baffour postpone the hearing on the motion to impose a jail sentence.
Charged with 23 counts of conspiracy, William Ato Essien, Rev. Fitzgerald Odonkor, and Tetteh Nettey, a former managing director of Essien’s company MC Management Service, are accused of stealing from the ¢620 million liquidity support that the Bank of Ghana (BoG) provided to the bank so that it could pay off its maturing debt.
The prosecution claims the defendants created many Capital Bank bank accounts through which the ¥620 million BoG liquidity support was transmitted, while other accounts were transported in jute sacks to Ato Essien.