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Ato Essien pays GH¢4m ahead of today’s sentence motion hearing

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Before his jail sentencing hearing today, William Ato Essien, the former CEO of the now-defunct Capital Bank, paid the state GH4 million.

The Daily Guide newspaper published information on this payment on May 11, 2023, which represents 20% of the GH20 million he had pledged to pay.

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On May 2, the Attorney-General submitted an application to the Accra High Court asking for a jail term for Essien’s refusal to make the agreed-upon payment.

The motion will be considered on May 11, 2023, according to the date the court set.

Essien was mandated by Justice Eric Kyei Baffour in December to pay the state GH$20,000,000 by April 28, 2023.

When Ato Essien’s attorneys reached a compromise with the Office of the Attorney General, a potential jail term for him was averted.

On the eve of the court’s decision in the case in which he was accused of theft and money laundering for his part in the bank’s failure, Mr. Essien agreed into an agreement with the state in 2022.

He was required to pay a sum of 90 million dollars in accordance with the conditions of the contract. A third of the total was to be paid up front, and the other $60 million was to be paid over the course of three installments, each costing $20 million, within a year of the conviction date.

At the latest, the first installment had to be paid by April 28, 2023. According to paperwork submitted on the Attorney General’s behalf, the first payment of 20 million cedis is still unpaid as of May 2, 2023.

According to the AG’s Office, doing this is against the court’s orders and puts him at risk of receiving a jail term.

“That having failed to fulfil a condition imposed on him by this Honorable Court under section 35 of the Courts Act, the outstanding amount under the agreement has become due and the respondent is liable to a custodial sentence by the court”.

 

 

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