William Ato Essien, the founder of the defunct Capital Bank, has been charged with failing to pay the state $20 million, and the Attorney General has petitioned the High Court to sentence him to a term in prison.
On the eve of the court’s decision in the case in which he was accused of theft and money laundering for his part in the bank’s failure, Mr. Essien agreed into an agreement with the state in 2022.
He was required to pay a sum of Ghc90 million dollars in accordance with the conditions of the contract. A third of the total was to be paid up front, and the remaining Ghc60 million had to be paid within a year of the conviction in three installments Ghc20 million each.
At the latest, the first installment had to be paid by April 28, 2023. According to paperwork submitted on the Attorney General’s behalf, the first payment of 20 million cedis is still unpaid as of May 2, 2023.
According to the AG’s Office, doing this is against the court’s orders and puts him at risk of receiving a jail sentence.
The unpaid sum under the agreement has become due, and the respondent is subject to a jail sentence by the four, because he has not complied with a condition set on him by this Honourable Court under section 35 of the Courts Act.