Former Capital Bank CEO Ato Essien jailed 15 years

Former Chief Executive Officer of defunct Capital bank, Ato Essien has been sentenced to 15 years imprisonment with hard labour.

This follows his failure to pay in full an amount of GH¢90 million cedis he agreed to pay the state despite several lifelines given him.

The court in May 2023 gave him a two-month window to at least pay in full the first GH¢20 million out of the GH¢60 million he was due to pay.

However, the convict has not been able to meet this directive.

Ato Essien was convicted in December 2022 on his own plea after striking a deal with the state under section 35 of the Courts Act to avoid a custodial sentence.

He has, however, been having a hard time fulfilling a GH¢90 million debt obligation imposed on him by the court in replacement of the custodial sentence.

According to the agreement, Ato Essien was mandated to pay GH¢90 million by the end of 2023 for which he paid GH¢30 million in December 2022 and was expected to pay the remainder in three equal instalments in 2023.

Source: Citinewsroom