Former Capital Bank CEO William Ato Essien receives pardon from President Akufo-Addo

William Ato Essien is former CEO of now-defunct Capital Bank

Mon, 6 Jan 2025 Source: www.ghanaweb.com

Outgoing President Nana Addo Dankwa Akufo-Addo has exercised his constitutional prerogative of mercy by granting pardons to several convicts, including William Ato Essien, the former Chief Executive Officer of the now-defunct Capital Bank.

The move is in accordance with Article 72(1) of the Constitution.

According to a letter dated December 31, 2024, the decision is part of a broader initiative to grant clemency to these convicts, marking the end of the year with a gesture of leniency and reconciliation.

"He is suffering from severe, life-threatening medical conditions and has undergone multiple surgeries as a result," the letter explained in regard to Ato Essien.

William Ato Essien was convicted for his involvement in the collapse of Capital Bank following the clean-up exercise conducted by the Bank of Ghana between 2017 and 2019.

The former CEO was found guilty of financial crimes related to the mismanagement of funds, including the embezzlement of GH¢620 million in liquidity support provided by the Bank of Ghana to Capital Bank.

After years of legal battles, William Ato Essien was sentenced in December 2023 to serve a 15-year prison term after failing to comply with the repayment terms of an agreement he reached with the state.