Ato Essien of Capital Bank consents to repay GHS90 million to the state in lieu of a prison term, but the judge deems the sum not comparable

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Mr. Ato Essien, the founder of the now-defunct Capital Bank, has consented to pay the state a refund of GHS90 million in lieu of a prison term.

Additionally, he has switched from a not guilty to a guilty plea.

As a result, the top court did not rule on his case on Thursday, December 1, 2022, as planned.

On Wednesday, November 30, 2022, Mr. Essien’s legal team submitted the return agreement.

He is charged by the state with stealing that much money.

In connection with their separate roles in the bank collapse, Mr. Essien and two others have gone on trial. The trial judge, Justice Eric Kyei Baffour, disagreed, stating that the agreed upon sum was insufficient.

He then set the matter for adjournment until December 13, 2022, so that the parties might address the court on the legal justification for the agreed-upon sum and the related terms.


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