Founder of Defunct Capital Bank, Ato Essien In Hot-waters -See More Details
The founder of the defunct Capital Bank, William Ato Essien, has been given until July 27, 2023, by the Accra High Court, to pay the remaining GH12 million in relation to the second payment as stipulated in the articles of settlement.
A total of GH8 million has been paid since the last adjourned date, according to Mr. Baffour Gyawu Ashia, who represents the convict. This leaves a balance of GH12 million in relation to the second tranche of GH20 million, which was supposed to be settled by April 28, 2023.
According to him, Essien Swiss, the defendant’s business, formed a deal with another in order to collect more money to pay the debt.
In order to go around and find money to pay the obligation, he asked the court to release the convict’s passport, which was kept in the court registry.
Mr. Essien further pleaded that the offender be given enough time to pay the State the remaining GH$12,000,000.
However, Mr. Alfred Tuah-Yeboah, a Deputy Attorney General, objected to the convict’s plea for access to his passport since he was likely to skip court.
Essien was found guilty of defrauding the erstwhile Capital Bank of about GH90 million in liquidity support.
In accordance with the High Court’s ruling, he was required to pay the first $20 million of the $60 million in reparations by April 28, 2023, and the remaining balance by the end of December 2023.
The Attorney General and Ato Essien’s Terms of Settlement were approved by the court, which was presided over by Justice Kyei Baffour, a Court of Appeal judge sitting as an additional High Court judge.
The amount of GH90 million had to be refunded by William Ato Essien in accordance with the Settlement Terms.
The Attorney General filed a request asking the court to condemn Ato Essien to incarceration for failing to pay the GH$20,000,000 by April 28, 2023.
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