The Deputy Attorney-General of Ghana, Alfred Tuah-Yeboah, has revealed that the state managed to recover a substantial amount of money from William Ato Essien, the jailed CEO of the defunct Capital Bank, before his sentencing.
Ato Essien has been sentenced to a total of 95 years in prison for multiple counts of stealing and money laundering in connection with the collapse of the bank.
Although an agreement was reached for Ato Essien to refund GHC90 million to the state, he was only able to repay GHC37 million, leading to the imposition of the custodial sentence.
Deputy Attorney General Tuah-Yebuah emphasized the significance of the funds retrieved from Ato Essien, particularly given the agreement that allowed him to make partial repayments.
Ato Essien’s sentencing was based on the court’s assessment of the funds he had repaid and his inability to fulfill the remaining portion of the agreement.
As a result, he has been sentenced to 15 years in prison. Tuah-Yebuah indicated that the court had the authority to impose the prison term in accordance with the agreement, which Ato Essien failed to honor.
In response to the outcome, Tuah-Yebuah stated, “Let’s hope that he gets the money to pay. Let us also add that even if he is going to serve the 15 years, Ghanaians have also benefited somehow because at least 37 million Cedis has been paid to the state. If he had been sentenced last year, we wouldn’t have even recovered this.”
The collapse of Capital Bank led to a series of legal proceedings, culminating in the sentencing of the bank’s CEO. The recovery of millions from Ato Essien represents a significant step in addressing the fallout from the bank’s insolvency.
The details of the court’s orders following Ato Essien’s sentencing are expected to be clarified, and any appeals or potential further actions will be determined in light of the legal developments.
In conclusion, the state’s successful recovery of funds from the jailed CEO of Capital Bank reflects a positive outcome amid the broader legal proceedings surrounding the bank’s collapse. The sentencing of Ato Essien serves as a key development in addressing the financial and legal implications of the bank’s insolvency.