Former Chief Executive Officer (CEO) of defunct Capital Bank, Ato Essien has been slapped with a 15-year prison sentence with hard labor for stealing.
Mr. Essien’s sentence was a result of his default on the full payment of GH¢90 million owed to the state, despite being granted numerous extensions for repayment since December 2022.
The Accra High Court handed down the decision, presided over by Justice Eric Kyei Baffuor.
The former CEO last year entered into a guilty plea for 16 counts of stealing, money laundering, and conspiracy to steal, all connected to the collapse of Capital Bank.
After paying GH¢30 million of the amount owed on December 13, Mr. Essien entered into an agreement with the state according to section 35(7) of the courts ACT 459 which required him to pay the remaining GH¢60 million in installments; GH¢20 million each by April 28, August 31, and December 15, 2023.
However, as of April 28, Mr. Essien had not fulfilled his end of the bargain. Between January and October, he had only settled GH¢7 million.
As per the agreement, a custodial sentence would immediately be imposed if he defaulted on any of the payments, and an application by the state was filed on May 2 to that end. The presiding judge, Justice Eric Kyei Baffuor, however, granted him a grace period of about six months for redemption, but he defaulted again.
With only GH¢37 million of the amount paid and the presiding judge having had his patience worn thin, the application for custodial sentence was allowed to proceed.
The judge upon hearing it settled on a 15-year prison sentence for Mr. Essien.
