GHC90m case: High Court rejects Ato Essien’s bail application pending 15-year jail term appeal

The Accra High Court has denied a bail application pending the appeal of the 15-year conviction of the founder of the defunct Capital Bank, William Ato Essien.

The former Managing Director of Capital Bank was sentenced for stealing over 90 million cedis belonging to the bank.

William Ato Essien was sentenced by the Accra High Court in October 2023 after missing a lifeline offered to him to repay the state 90 million cedis, following a plea bargain granted by then-Attorney General, Godfred Yeboah Dame.

Per the terms of the arrangement, the founder of Capital Bank, who had been charged with several counts of stealing and causing financial loss to the state, was to pay the amount in three tranches.

The payment plan comprised a payment before April 28, 2023, the second payment on or before August 31, 2023, and the last instalment on or before December 15, 2023.

Ato Essien had paid GHC30 million out of the 90 million on December 1, 2022, but failed to complete the final tranche of payment on or before December 15, 2023.

The presiding judge in the matter, Justice Kyei Baffour, observed that as of the day of sentencing, the Capital Bank MD had paid only 7 million cedis out of a possible 40 million cedis.

He was therefore sentenced to a jail term of 15 years of hard labour. Ato Essien has since appealed the sentence.

In court on Friday, May 16, his lawyers, led by Baffour Gyawu Bonsu Ashia, holding the brief for Thaddeus Sory, prayed for bail pending the appeal of his conviction.

The prosecution, led by State Attorney Frederick Adu-Gyamfi, indicated that the Attorney General was not opposed to the bail application.

In his ruling, however, Justice Emmanuel Lodoh, exercising his discretion, refused the application.

The post GHC90m case: High Court rejects Ato Essien’s bail application pending 15-year jail term appeal first appeared on 3News.

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