The Accra High Court has delivered a verdict sentencing William Ato Essien, the founder of defunct Capital Bank, to 15 years in prison for his involvement in a massive financial theft scandal.
The sentence was issued following Essien’s conviction for stealing over GH₵90 million belonging to the bank, which had received liquidity support from the Bank of Ghana.
The trial revealed that despite being given opportunities to repay the substantial amount, Essien failed to make full restitution to the State.
He initially paid ¢30 million in December 2022 and was mandated to make a ¢20 million first installment by April 28, 2023, to settle the remaining ¢60 million debt.
Despite this arrangement, Essien only managed to pay ¢5 million. Subsequently, he was given until July 4 to liquidate his assets and reimburse the state ¢55 million, but this deadline passed without any payment made.
Source: OccupyGh.com
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