William Ato Essien, the founder of the now-defunct Capital Bank, is currently serving a 15-year prison sentence for stealing more than GH¢90 million, but the Court of Appeal has granted him bail while awaiting appeal.
The court granted Essien GH¢10 million bail with two sureties in a decision issued on Wednesday, July 30.
Additionally, he must report to the court’s registrar once a month and deposit his passport at the court registry.
In 2023, the Accra High Court found Essien guilty and punished him for breaching a restitution deal with the state.
Essien had promised to return GH¢90 million as part of the arrangement in order to avoid being imprisoned.
He made an advance payment of GH¢30 million in December 2022, but he didn’t pay the remaining GH¢60 million.
The court revoked the agreement and imposed a jail sentence since he was unable to fulfill the terms.
Several appeals have been filed for Essien’s release on the basis of declining health before the Court of Appeal’s decision.
Attorney Andrew Appiah-Danquah petitioned President John Dramani Mahama for a presidential pardon in March 2025.
The petition highlighted Essien’s achievements in Ghana’s financial industry as the creator of Capital Bank, emphasizing his role in empowering Ghanaian entrepreneurs, creating jobs, and supporting local businesses.
It contended that the accomplishments of a visionary local businessman were harmed by his incarceration.
In January 2025, in response to those calls, the office of former President Nana Addo Dankwa Akufo-Addo released a statement refuting media claims that he had granted Essien and ten other people a presidential pardon prior to his resignation.
According to former Communications Director Eugene Arhin, no such pardon has been given.
Among the names on the list that was in circulation at the time were Essien, Philip Akpeena Assibit, who was found guilty in 2018 of causing financial harm to the state, and Akwasi Alhassan, a convicted killer who had been serving a life sentence since 1993.
The Court of Appeal has not yet decided Essien’s appeal.
Source: newsthemegh.com