In a ruling today, the founder of the defunct Capital Bank, William Ato Essien, has been sentenced to 15 years in prison by the Accra High Court
The conviction stems from Mr. Essien’s involvement in the misappropriation of over GH¢90 million of the Bank of Ghana’s liquidity support allocated to the now-defunct financial institution. Despite having the opportunity to repay the amount owed to the state, Mr. Essien failed to fulfill the financial commitment, leading to the imposition of a substantial prison sentence.
Mr. Essien had initially made a partial payment of ¢30 million in December 2022 and was obligated to pay an additional ¢20 million as the first installment towards the outstanding ¢60 million by April 28, 2023.
However, his failure to meet this financial obligation ultimately contributed to the severity of the legal consequences. The court’s decision underscores the gravity of financial misconduct, emphasizing the legal accountability for those entrusted with managing significant financial institutions.
This sentencing reflects a significant legal development in holding individuals accountable for financial irregularities, especially within the context of banking institutions.
The imprisonment of William Ato Essien sends a strong message regarding the consequences for financial mismanagement and emphasizes the importance of upholding integrity and responsibility within the financial sector.
