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The Court of Appeal has granted bail to the former Managing Director of defunct Capital Bank, William Ato Essien.
Mr Essien was granted bail of 10 million Ghana cedis with two (2) sureties.
He was sentenced to 15 years’ imprisonment with hard labour by an Accra High Court on 12 October 2023. He was convicted of stealing over GHS90 million in liquidity support provided by the Bank of Ghana (BoG) to Capital Bank to help the institution service its maturing debt.
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The latest development in the case comes amid growing calls on President John Mahama to grant him a presidential pardon. Notable among those requesting his release are the Head of Missions at the Commonwealth Enterprise and Investment Council and Board Member of the Commonwealth Human Rights Office for Africa, Dr John Apea, and the General Overseer of Alabaster International Ministries, Prophet Kofi Oduro, who cite health grounds.
Jailed CEO of Capital Bank William Ato Essien granted GHS10 million bail
Background to the 15-Year Jail Term
The severe penalty was imposed due to his failure to fulfil his GHS90 million debt obligation, despite being given multiple opportunities.
In May 2023, the court granted Ato Essien a two-month window to make full payment of an initial GHS20 million out of the GHS60 million he was required to pay.
Mr Essien's legal troubles began when he was convicted in December 2022 after voluntarily entering a plea agreement with the state under Section 35 of the Courts Act. This arrangement was intended to prevent a custodial sentence, but it was contingent on his meeting the GHS90 million debt obligation imposed by the court.
According to the terms of the agreement, Essien was required to settle the GHS90 million debt by the end of 2023. In December 2022, he made an initial payment of GHS30 million and was expected to pay the remaining sum in three equal instalments throughout 2023.
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The first instalment was due by the end of April 2023, and failure to meet this deadline risked triggering a custodial sentence. Unfortunately, by the end of April, Ato Essien had paid only GHS6 million of the required GHS20 million.
The state subsequently petitioned the court to impose the custodial sentence, as stipulated in the agreement, for breaching the payment plan.
Further investigations revealed that Ato Essien had only managed to make an additional payment of GHS2 million, bringing the total amount paid toward the first instalment to GHS8 million. A significant balance of GHS12 million remained unpaid.