The founder of the now-defunct Capital Bank, William Ato Essien, has been given a deadline of July 4 by an Accra High Court to liquidate his assets and repay the state a sum of ¢55 million. The court’s decision is aimed at providing Mr. Essien with a fair opportunity to secure his freedom.
Justice Eric Kyei Baffuor expressed his intention to offer Mr. Essien a chance to fulfill his financial obligations, stating, “I want to give you a lifeline and I hope you will do your possible best to find the money and pay.” The judge adjourned the proceedings, anticipating that Mr. Essien would have raised the necessary funds to make the payment by that time.
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Justice Kyei Baffuor took note of Mr. Essien’s efforts to liquidate assets in Essien Swiss International Holdings, of which he is the sole shareholder. The judge acknowledged that Mr. Essien had indicated in an affidavit that he expected substantial sums of money from these assets. The judge expressed his belief that if the information in the affidavit was genuinely provided, it would be confirmed in due course.
Consequently, the court adjourned the proceedings until July 4, 2023, allowing Mr. Essien an opportunity to repay the outstanding amount as agreed upon with the state, assuming the authenticity of his claims.
Failure to comply with the payment agreement may result in Mr. Essien being imprisoned, as he has already violated the terms. He was convicted on multiple counts of money laundering and theft and had agreed to refund ¢90 million to the state. Mr. Essien had made an initial payment of ¢30 million and was required to pay ¢20 million by April 28, 2023, as the first installment of the remaining ¢60 million. Deputy Attorney General Alfred Tuah Yeboah reported that Mr. Essien has paid ¢5 million thus far. According to Ghanaian law, the entire outstanding amount becomes due when the accused breaches such terms.
