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GH90 million restitution agreement: the state wants Ato Essien to be imprisoned for non-payment by Hanson Agyemang May 2, 2023 Reading Time: 2 minutes read
The State has initiated legal proceedings at the High Court in an effort to have William Ato Essien, the founder of the now-defunct Capital Bank, sentenced to prison for violating the terms of the GH90 million reparation arrangement he signed.
According to the state, Ato Essien, who was responsible for paying twenty million Ghana cedis by the 28th of April in 2023, has failed to make the payment.
In the application that was seen by citinewsroom.com, the State Attorney makes the point that, William Ato Essien has failed to honor an agreement to pay the first installment out of the GHS 90 million restitution and reparation money after pleading guilty to the offenses that were brought against him. This money was to be used to compensate victims of the crimes that William Ato Essien committed.
The fact that the deadline of April 28, 2023 has already passed is what has prompted the State to take action.
Ato Essien, who pleaded guilty to accusations of causing financial loss to the state, was asked to refund GHS 90 million, which he confessed to having stolen after entering into a plea bargain with the state under Section 35 of the Courts Act. Instead of facing an earlier jail sentence, Ato Essien will be required to pay back the money he admitted to having stolen.
He was required to make a deposit of GHS 30 million as part of the agreement, and it was expected that the remaining GHS 60 million would be paid in three equal installments, the first of which was due on April 28.
The State sent a letter to the Department of Controller and Accountant General, asking if the money had been paid by the respondent on the stated date. However, it has come to light that such a payment has not been made.
As a result, the State believes that because Ato Essien did not make the payment, he is subject to a sentence of incarceration because of his actions
Rev. Fitzgerald Odonkor, the former Managing Director of the Bank, and Tetteh Nettey, a former Managing Director of MC Management Service, both of which were owned by Mr. Ato Essien, are on trial alongside Mr. Essien. Mr. Essien is also the defendant in this case.
In connection with the failure of Capital Bank in 2017, they were jointly prosecuted on a total of 23 counts of criminal activity, the most serious of which included theft and conspiracy to steal.
They, however, entered not guilty pleas to the allegations brought against them and maintained their innocence throughout the entirety of the trial. Mr. Ato Essien maintained at all crucial moments that he had Board consent for all activities that he took.
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