- The Former Chief Executive Officer of the now-defunct Capital Bank, William Ato Essien, has been sentenced to 15 years in jail
- Ato Essien was convicted of stealing GH¢90 million of Bank of Ghana’s monetary support for his bank
- The former CEO had earlier agreed to pay back the GH¢90 million but has been unable to do so
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The Former Chief Executive Officer of the now-defunct Capital Bank, William Ato Essien, has been sentenced to 15 years in prison with hard labour.
Ato Essien was convicted of stealing over GH¢90 million of Bank of Ghana’s liquidity support to his collapsed bank.
According to reports from the court on October 10, 2023, the sentence came after he could not pay back the GH¢90 million in full.
Ato Essien paid GH¢30 million upfront in December 2022 and was expected to pay GH¢20 million of the remaining GH¢60 million by April 28, 2023.
He could only pay GH¢5 million at the time, and in May, he was given up until July 4 to liquidate his assets and pay the state GH¢55 million.
Ato Essien pleads guilty to charges
A criminal case was filed against Ato Essien following the collapse of the Capital Bank, which he founded.
Ato Essien pleaded guilty to charges brought against him by the state in the events leading to the collapse.
He pleaded guilty to charges of misappropriation of funds deposited at the bank by thousands of clients and also to stealing, abetment to stealing, conspiracy to steal and money laundering, among other charges.
During the case, Ato Essien had tried to challenge the revocation of Capital Bank's operating licence by the Bank of Ghana.
Severance payments for former Capital Bank staff
YEN.com.gh reported previously that the Central Bank approved the payment of severance packages for former workers of the defunct Capital Bank.
This comes months after the former employees began agitating for their severance packages after they lost their jobs.
GCB Bank took over the operations of Capital Bank in August 2017.
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