Ato Essien to pay GH¢53 Million in order to escape 15-year jail term
Ato Essien, known privately as William Ato Essien, the founder of the now-defunct Capital Bank who is serving a 15-year prison sentence, would be eligible for release if Ato Essien settles the remaining sum of GH53 million, he will be released.
On Thursday, October 12, 2023, Justice Eric Kyei Baffour passed judgement on the previous CEO. Ato Essien was criticised by Baffour for displaying “sheer greed” in the events leading up to the failure of his bank.
Ato Essien was found guilty of defrauding his failed bank of approximately GH90 million in liquidity support. After the extensive cleaning up of the banking industry in 2017, he became the first banking executive to be sentenced to prison.
Ato Essien sentenced
Ato Essien was charged with a crime after the Capital Bank, which he created, went down. Ato Essien admitted guilt to the charges the government levelled against him about the circumstances leading up to the collapse.
He admitted guilt to counts including theft, aiding a theft, conspiring to steal, money laundering, and misappropriating money that thousands of customers had put at the bank.
