An Accra High Court has handed the founder of defunct Capital Bank William Ato Essien up until July 4 to liquidate his assets and pay the state ¢55 million.
Justice Eric Kyei Baffuor says this is to ensure that Mr Essien is given a fair chance to secure his freedom.
“I want to give you a lifeline and I hope you will do your possible best. To find the money and pay. If what has been deposed to, is true, I am sure only a matter of time will tell. I am adjourning hoping that we would have gotten the money to make the payment.
“I have perused through, the application and the affidavit in opposition, if I were to allow the learned deputy Attorney General to move the application, I will be compelled to deliver my ruling in respect of the application.
"Taking notice that the convict has taken steps to liquidate some assets in Essien Swiss International Holdings for which he is the sole shareholder and is expecting huge sums of monies as he has indicated in the affidavit for which he has deposed to. If indeed, the depositions in the affidavit have been made bona fide, time will vindicate that.
“Accordingly, I will hasten slowly and adjourn the application to July 4, 2023, to enable the convict to redeem the monies outstanding and as agreed per the agreement with the republic,” Justice Eric Kyei Baffuor ruled.
Mr Essien risks being jailed after breaching the terms of a payment agreement he had reached with the Attorney General.
He was convicted of multiple counts of money laundering and stealing after he agreed to refund ¢90 million to the state.
This was in the criminal case filed against him following the collapse of the bank.
He paid ¢30 million upfront and was required to pay ¢20 million as the first instalment of the ¢60 million outstanding amount by April 28, 2023.
Deputy Attorney General Alfred Tuah Yeboah says he has been able to pay ¢5 million so far. He pointed out that under Ghana’s laws, once the accused breaches such terms, it means the entire outstanding amount becomes due.
He, therefore, expects the total outstanding of ¢55 million to be paid.
Lawyers for Mr Essien led by Baffuor Gyawu Bonsu Ashia pointed out that the businessman had reached an agreement with a foreign company to purchase his assets.
The Deputy AG however pointed out that the amount involved was a paltry ¢4 million which is a far cry from the outstanding ¢55 million.
The court, however, opted to hand him the lifeline.
Latest Stories
-
When Gold Becomes Poison, and the Foolish Cut Down the Tree with the Shade
38 minutes -
Portugal beat Spain on penalties to win second Nations League title
2 hours -
Ending galamsey requires national will, not new laws – Legal expert
3 hours -
APSU-USA urges government to restore Catholic Church’s role in school management
4 hours -
Ghana ranked 9th in Africa with highest outstanding loans to China
4 hours -
OMCs to implement GH¢1.0 Energy Sector Levy from June 16, 2025
4 hours -
T-bills auction: Government fails to meet target; but rejects GH¢1.095bn of bids
5 hours -
NPP doesn’t give chance to non-performing candidates – Kennedy Agyapong
5 hours -
Roland Garros: Alcaraz completes epic comeback against Sinner to claim title
5 hours -
Obaasima donates over 2,000 sanitary pads to mark Menstrual Hygiene Day, empowering girls in Western Region
6 hours -
Tension in Effiduase as family rejects destoolment of chief who resisted controversial sale of COVID-19 cemetery land
6 hours -
Hamburg Sustainability Conference 2025 concludes with new global alliances and concrete commitments for a sustainable future
7 hours -
GPL 2024/25: Hearts of Oak beat Samartex to finish fourth
7 hours -
GPL 2024/2025: Bechem United clinch win in final home match against Young Apostles
7 hours -
GPL 2024/25: Asante Kotoko end season in fifth after Vision FC defeat
7 hours