AG rejects Ato Essien’s 'unacceptable' refund agreement

The Attorney General’s Office has rejected the terms of a refund agreement submitted by the founder of the defunct Capital Bank, William Ato Essien.

Chief State Attorney, Marina Appiah Opare, told an Accra High court the agreement was “totally unacceptable” and have been rejected because they were not favourable to the state.

She said another proposal has been received from the accused but it is now being studied.

She insisted the trial of the accused person must proceed alongside deliberations, insisting that the terms will only affect four of the charges.

Mr Essien’s lawyer, Baffour Gyawu Bonsu Ashia, asked for an adjournment so indicating the agreement, if reached with the state, will largely affect the entirety of the case.

Ato Essien and three others are facing 26 charges for various roles they played leding to the collapse of Capital Bank.

In May, Counsel for Ato Essien told the Court they were engaging the Attorney General based on section 35 of the Court’s Act, which allows for an offer of compensation or restitution in respect of some of the charges brought against the accused persons.

According to the lawyers, they had indicated to EOCO that their client was willing and ready to return some 27 million cedis to the state.

The lawyers revealed he has paid close to 1.4 million cedis and also given out some 19 newly cleared cars from the port to the state.

In response, the Attorney General confirmed the negotiations, but informed the court they would be considered.

Presiding Judge, Justice Kyei Baffour, said should the state fail to reach an agreement the case will proceed.

The case has accordingly been adjourned to July 9.