The fate of the embattled former founder of the now defunct Capital Bank, William Ato Essien, hangs in the air as the Accra High Court rejected an agreement he has with the State to refund the money he allegedly misappropriated.
Towards the end of the much awaited trial, Ato Essien and the Republic of Ghana agreed on settlement under Section 35 of the constitution.
Per the agreement, Ato Essien agreed to pay an amount of GHc90 million within a year in various instalments with his lawyer saying they have already paid GHc30 million and had a receipt to show for.
However, in a ruling today, December 1, 2022, Justice Eric Kyei Baffour dismissed the agreement noting that the the nature of the charges the accused persons are facing, section 35 cannot be activated.
The court described the agreement as one that makes “crimes attractive” looking at the value of GHc90 million in 2015 and GHc90 million now.
Justice Eric Kyei Baffour, a Justice of the Court of Appeal sitting with an additional responsibility as a High Court judge adjourned the case to December 13 for the parties to reconsider their terms of agreement. As such, the final judgement that was supposed to take place today has been deferred to December 13, 2022.
Meanwhile, Section 35 of the Courts Act- Offer of Compensation or Restitution, it states that where a person is charged with an offence before the High Court or a Regional Tribunal, the commission of which has caused economic loss, harm or damage to the State or any State agency, the accused may inform the prosecutor whether the accused admits the offence and is willing to offer compensation or make restitution and reparation for the loss, harm or damage caused.
The sub section one also states that where an accused makes an offer of compensation or restitution and reparation, the prosecutor shall consider if the offer is acceptable to the prosecution. If the offer is not acceptable to the prosecution the case before the Court shall proceed. If the offer is acceptable to the prosecution, the prosecutor shall in the presence of the accused, inform the Court which shall consider if the offer of compensation or restitution and reparation is satisfactory.
However, where the Court considers the offer to be satisfactory, the Court shall accept a plea of guilty from the accused and convict the accused on his own plea, and in lieu of passing sentence on the accused, make an order for the accused to pay compensation or make restitution and reparation.
Mr. William Ato Essien, the first accused person, Tettey Nettey, the second accused person, and Rev. Fitzgerald Odonkor, were accused of engaging in various illegal acts that led to the dissipation of the GH¢620 million liquidity support given to Capital Bank by the BoG between June 2015 and November 2016.
The three have all pleaded not guilty to a combined 23 charges of stealing, abetment to stealing, conspiracy to steal, and money laundering.
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