Court throws out Ato Essien’s application for renegotiation with AG

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William Ato Essien, the founder of the now-defunct Capital Bank, had asked for a chance to renegotiate with the Attorney General, but his request was denied by the Accra High Court.

Essien has broken the terms of a deal that allowed him to avoid jail time in exchange for agreeing to pay the state $90 million back.

He has paid 34 million so far, with 30 million already paid when the deal was finalized in 2022.

By April 28, 2023, he must pay another 20 million.

However, the Attorney General claims that because this payment was not made, he was forced to ask the court to condemn the defendant to incarceration.

However, Mr. Essien’s attorneys disagreed. Thaddeus Sory, the lead attorney, sought the court to interpret the law that permits such an agreement.

He insisted that making sure recuperation was the goal. He emphasized that the businessman’s inability to comply with the conditions of the agreement was simply the result of some financial difficulties.

“Let’s take a pragmatic look at this. We are urging the court to read every statute and consider the intent of the statute when interpreting an Act, as required by section 10(4) of the Interpretation Act.

An agreement that details the anticipated inflows is included.


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