An Accra High Court has ordered founder of defunct Capital Bank, William Ato Essien, up until July 4 to liquidate his assets and pay the state some GHC55 million.

According to Justice Eric Kyei Baffuor who adjourned the case until the said date, stated that this is to ensure that Mr Essien is given a fair chance to secure his freedom.

“I want to give you a lifeline and I hope you will do your possible best to find the money and pay. If what has been deposed to, is true, I am sure only a matter of time will tell. I am adjourning hoping that we would have gotten the money to make the payment… Accordingly, I will hasten slowly and adjourn the application to July 4, 2023, to enable the convict redeem the monies outstanding and as agreed per the agreement with the republic.”
Eric Kyei Baffuor

Justice Baffuor revealed that he has perused the application and the affidavit in opposition. Following this, he stated that if he were to allow the deputy Attorney General to move the application, he will be compelled to deliver his ruling in respect of the application.

Nonetheless, he indicated that he will give the defendant ample time to pay back taking notice that the convict, Ato Essien, has taken steps to liquidate some assets in his Swiss International Holdings for which he is the sole shareholder and is expecting huge sums of monies as he has indicated in the affidavit.

“If indeed, the depositions in the affidavit have been made bona fide, time will vindicate that.”
Eric Kyei Baffuor

If things go awry, Mr Essien risks being jailed after breaching the terms of a payment agreement he had reached with the Attorney General. The founder of defunct Capital Bank was convicted for multiple counts of money laundering and stealing after he agreed to refund GHC90 million to the state.

Following the criminal case filed against him following the collapse of the bank, Mr Essien paid GHC30 million upfront and was required to pay GHC20 million as first installment of the GHC60 million outstanding amount by April 28, 2023.

Deputy Attorney General, Alfred Tuah Yeboah, however revealed that Mr Essien has been able to pay GHC5 million so far. To this, he pointed out that under Ghana’s laws, once an accused breaches such terms, it means the entire outstanding amount becomes due.

He therefore noted that he expects the total outstanding of GHC55 million to be paid.

Essien in agreement with foreign company to pay money

Reacting to this, lawyers for Mr. Essien led by Baffuor Gyawu Bonsu Ashia stated that the businessman had reached an agreement with a foreign company to purchase his assets.

Nonetheless, the Deputy AG however noted that the amount involved was a paltry GHC4 million which is a far cry from the outstanding GHC55 million. Despite the deputy AG’s plea, the court opted to hand Mr Essien the lifeline.

It will be recalled that an Accra High Court on May 11, 2023, dismissed an application by founder of defunct Capital Bank, William Ato Essien, requesting for a chance to re-negotiate with the Attorney General.

Mr Essien breached the terms of an agreement that saw him escape jail term and commit to refunding GHC90 million to the state. The Attorney General highlighted that failure to make the payment has left him with no choice but to ask the court to impose a custodial sentence.

Lawyers for Mr Essien, then, led by lead Counsel, Thaddeus Sory, urged the court to give meaning to the law allowing such an agreement. He insisted the aim was to ensure recovery and that the businessman has simply come into some financial difficulty, hence the inability to meet the terms of the agreement.