The Accra High Court has granted William Ato Essien, founder of the defunct Capital Bank, an extension until July 2023 to make a GH¢55 million restitution payment to the state.
Justice Eric Kyei Baffour, presiding over the case, adjourned the proceedings and did not hear the Attorney-General's application for Essien's imprisonment due to his failure to meet the deadline for the first tranche of a GH¢60 million restitution.
Essien, in an affidavit to the A-G's motion, stated that he expects to receive funds by the end of June through the sale of assets by his company, Essien Swiss International Holdings, amounting to approximately $300,000.
Taking Essien's expectations into consideration, Justice Kyei Baffour adjourned the case to allow Essien the opportunity to secure the funds he mentioned.
However, the judge cautioned Essien that failure to make the payment by the next adjourned date would result in the court proceeding with the application for his imprisonment.
Justice Kyei Baffour stated, “If we come back on July 4 and you have not paid, then I would allow the republic to move the application, then we all know that I have been as fair as possible.”
Essien was convicted of stealing over GH¢90 million of Bank of Ghana's liquidity support intended for Capital Bank. As per the court's judgment, he was required to pay GH¢20 million of the GH¢60 million restitution by April 28, 2023, with the remaining balance due by the end of December 2023.
Failure to adhere to the agreed payment terms may result in Essien's imprisonment. Despite missing the April 28 deadline, Essien made a payment of GH¢5 million last week.
