How William Ato Essien can reclaim his liberty by settling GH¢53million debt

In a recent development, William Ato Essien, the founder of the now-defunct Capital Bank, found himself facing a 15-year jail sentence for his involvement in the misappropriation of a staggering GH¢90 million from the bank's funds.

However, there is a twist to this tale - a possible redemption route for Essien.

The Accra High Court, which imposed the 15-year jail term, has presented Essien with an opportunity to regain his freedom, Graphic.com.gh reports.

This opportunity hinges on his ability to settle the outstanding debt of GH¢53 million that he owes to the state.

Essien's predicament stems from a conviction in December of the preceding year, where he was found guilty of misappropriating over GH¢90 million belonging to Capital Bank.

Remarkably, he managed to evade immediate incarceration by striking an agreement with the Attorney-General (A-G).

This agreement mandated Essien to make a full restitution to the state by repaying the GH¢90 million he had wrongfully taken.

Initially, Essien demonstrated his commitment to this restitution process by returning GH¢30 million on December 1, 2022.

Per the court-endorsed agreement, he was tasked with making three more payments to complete the GH¢90 million restitution: the first installment was due on or before April 28, 2023, the second by August 31, 2023, and the final installment by December 15, 2023.

However, as of the latest ruling, Essien had only managed to contribute GH¢7 million, significantly falling behind the agreed-upon payment schedule.

This left the total amount repaid at GH¢37 million out of the GH¢90 million.

Justice Eric Kyei Baffour, who presided over the case, delivered a crucial verdict.

He stated that Essien could potentially secure his freedom by settling the remaining GH¢53 million, which represents the outstanding balance owed to the state as a form of reparation and restitution.

Click here to start the nomination process for the 2023 GhanaWeb Excellence Awards

Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

NAY/OGB