Despite receiving a prison sentence, Ato Essien, the former CEO of the now-defunct Capital Bank, has not been paid the 53 million, according to Deputy Attorney General Alfred Tuah Yeboah.
Mr. Yeboah claimed that because the state requires the money, it will never be forfeited.
The Deputy AG stated during an interview with JoyNews that the convict’s encumbered assets would be located and taken.
He claims that a civil lawsuit will be filed against the criminal to accomplish this.
“It is not as if he is going to serve his sentence and then the amount will be forfeited,” the prosecutor said. “If he serves this sentence, the State will still pursue him and get the remaining amount.”
We will locate his encumbered properties and pursue them in a civil lawsuit, according to Mr. Tuah-Yeboah.
Justice Eric Kyei Baffour gave Mr. Ato Essien a sentence of 15 years in jail with hard labor.
Ato was imprisoned when he was unable to properly reimburse the State for the GH90 million after committing to do so.
He made an advance payment of $30 million in December 2022, and by April 28, 2023, he had to make the first installment of the outstanding balance of $60 million.
However, he could only afford to pay $5 million. He was given till July 4 to sell his possessions and pay the state GH55 million in May. This due date passed without any funds being received.
The state then requested a jail sentence in accordance with the terms set forth in the agreement in a submission to the court.
The hearing of the motion to impose a jail sentence was postponed at the request of the convict’s attorney, Justice Eric Kyei Baffour.
Ato Essien’s imprisonment, according to private attorney Kweku Paintsil, is not unexpected.
Mr. Paintsil remarked that Mr. Essien’s ability to pay the judgment amount has nothing to do with the length of his prison sentence.
It is, nevertheless, a logical result of his failure to abide by the conditions set forth in the court agreement.
“It is not shocking that he was found guilty due to his noncompliance or failing to pay the fine the court ordered. On Thursday, October 12, 2023, he said to Blessed Sogah, “It is the natural consequences of his noncompliance.
The Bank of Ghana (BoG) provided the bank with 620 million in liquidity support so that it could pay off its maturing debt. William Ato Essien, Rev. Fitzgerald Odonkor, and Tetteh Nettey, a former managing director of MC Management Service owned by Mr. Essien, were charged with 23 counts of conspiracy for allegedly stealing from this fund.
The accused opened a number of bank accounts with Capital Bank, according to the prosecution, through which the 620 million BoG liquidity support was transferred, while other accounts were transported in jute bags to Ato Essien.
Source: Ghana360news.com
