Ato Essien expecting huge sums of money -Court

An affidavit filed by Founder of the former Capital Bank, William Ato Essien, indicates that he is expecting huge sums of monies from investments as well as sales of assets.

Essien Swiss International, which is 100 percent (%) owned by the accused would rope in some US$300,000 in 90 days.

Although the amount is just a drop in the ocean, per the monies owed to the Republic by the convict, the trial High Court has given him up to June ending to complete the payment.

Justice Eric Kyei Baffour, a Court of Appeal Judge with an additional responsibility of the High Court, halted the Deputy Attorney-General, Alfred Tuah-Yeboah, from moving his motion, which would compel a ruling to be delivered on it.

Essien, at the last adjourned date, failed to fully pay the first tranche of the GH¢60 million owed.

By reason of the law, the court was to pass a custodial sentence on the convict, but adjourned to give Essien’s lawyers the opportunity to respond to the prosecution’s application.

The judge explained that he halted the motion from being moved because the convict’s affidavit in opposition shows he had taken steps to liquidate some of his assets to pay the debt.

His Lordship Baffour added that if all the dispositions in Essien’s affidavit were anything to go by, time would vindicate that.

Mr. Tuah-Yeboah told the court that considering the amount at stake what the accused was offering was insignificant to the balance of GH¢55 million.

Last week, the Deputy Attorney-General stated that the convict had come to the end of the road, as the State was not interested in going back to the negotiating table as requested in his application.

The court said it was giving the convict an opportunity to mobilise resources to pay the debt.

Ato Essien has been convicted on his own plea of guilty to stealing, money laundering and conspiracy to commit a crime.

He stole liquidity support grant extended to Capital Bank by the Bank of Ghana.

The convict narrowly escaped custodial sentence after having entered an agreement with the prosecution to pay GH¢90 million to the State.

So far, the convict has settled the state in the sum of GH¢35 million.

The court has adjourned the next hearing to June 4.


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