Source: newsthemegh.com
William Ato Essien, the founder of the now-defunct Capital Bank, has been given until July 4 to sell his assets and pay the state GHC55 million, according to the Accra High Court.
This, according to Justice Eric Kyei Baffuor, is done to guarantee that Mr. Essien has a fair opportunity to win his freedom.
“I want to throw you a lifeline, and I’m hoping you’ll reach your highest potential. to locate the necessary funds and make the payment. If what has been alleged is accurate, I am confident that we won’t know for sure for some time. I’m calling it a night in the hopes that we would have received the funds to make the payment.
“I have read the affidavit in objection and the application, and if I permit the learned deputy Attorney General to move the case, I will be required to make a decision regarding the application.
“Taking notice that the defendant, who is the only shareholder of Essien Swiss International Holdings, has started action to sell some of its assets and is anticipating receiving substantial quantities of money, as he said in the affidavit to which he has testified. Time will prove whether or not the depositions in the affidavit were legitimate.
So, Justice Eric Kyei Baffuor said, “I will hasten slowly and adjourn the application to July 4, 2023, to enable the convict to redeem the outstanding money and as agreed upon per the agreement with the republic.”
After breaking the terms of a payment arrangement he had made with the Attorney General, Mr. Essien faces the possibility of going to jail. After agreeing to return GHC90 million to the state, he was found guilty of numerous counts of theft and money laundering.
This was stated in the criminal complaint that was brought against him after the bank’s failure.
He made a down payment of GHC30 million and was obliged to pay the first installment of the remaining GHC60 million by April 28, 2023.
He has reportedly been able to pay GHC5 million so far, according to deputy attorney general Alfred Tuah Yeboah. He emphasized that whenever the accused violates such stipulations, the entire outstanding money is due under Ghanaian law.
Therefore, he anticipates receiving payment of the GHC55 million total balance due.
Lawyers for Mr. Essien, under the direction of Baffuor Gyawu Bonsu Ashia, noted that the businessman had a contract in place with a foreign firm to sell his assets.
However, the Deputy AG emphasized that the sum in question was a pitiful GHC4 million, which is a long cry from the unpaid GHC55 million.
But the court decided to throw him a lifeline.