Court “throws out” Ato Essien’s petition to renegotiate GH60 million payment

The Accra High Court has rejected an attempt by the founder of the defunct Capital Bank, William Ato Essien, to renegotiate a GH¢60 million settlement to the state.

Essien was ordered to pay 20 million of the 60 million by April 28 this year and the remaining 40 million by the end of this year. Essien was found guilty of stealing over GH90 million of the Bank of Ghana’s liquidity support to the bank.

Failure to pay the amount per the agreed terms will lead to the court jailing Essien

Essien failed to pay the GH¢20million by the April 28 deadline and rather paid GH¢4million Wednesday and has further assured the court that he has another Ghc1m to pay by the close of Thursday (May 11, 2023).

Today in court, Essien’s attorney, Thaddeus Sory, made a motion asking the judge to postpone any actions that would land his client in jail and to provide the convict permission to renegotiate the terms of the settlement with the Attorney General (A-G).

A Deputy A-G, Alfred Tuah-Yeboah, opposed the motion and urged the court to dismiss, arguing that a grant of the motion would set a dangerous precedent.

The court, presided over by Justice Eric Kyei Baffour, dismissed the application, describing it as one without merit.

Hearing continues on May 17, 2023 for the court to rule an application by the A-G for the court to imprison Essien over his failure to meet the payment deadline.

Source: Graphiconline