High Court gives Ato Essien another lifeline to honor restitution deal
Justice Kyei Baffour was also quick to add that If by that date, that money has been redeemed, the court may favorably consider the outstanding amount to be paid
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The High Court presided over by Justice Eric Kyei Barfour(JA) has given the founder of the defunct Capital Bank up to July 27 to pay the remaining GH 12 million of the GHC 20 million, the first tranche of restitution to the state.
In all, Mr. Essien, who is the founder of the defunct Capital Bank, is expected to pay a total of GH60 million restitution by December this year as agreed.
He was supposed to pay GHC20 million by April 28 but failed to do so thus leading the AG to file an application, asking the High Court to impose a custodial sentence on him.
But, during the last sitting, the court gave him a lifeline to pay by July 4, when he announced his disposal of some assets including that owed in Swiss International Holdings.
Since then, Mr. Essien has been able to pay an extra GHC 8 million thus when he appeared in court on July 4, the presiding judge ‘reluctantly’ gave him another opportunity upon the pleas of his counsel.
Addressing the court, his counsel, Baffour Gyau Bonsu Ashia said that Mr Essien had entered into an agreement with Swiss International Holdings to dispose of some shares and thus was expecting about $300,000 by the end of July.
Counsel additionally made a case for retrieving his client’s passport which he believed would enable him to bring funds from outside the jurisdiction and thus prayed for an additional 3 months extension.
This plea was however turned down by the presiding judge who rather gave the convict up to July 27 to mobilize funds to pay the restitution.
Justice Kyei Baffour was also quick to add that If by that date, that money has been redeemed, the court may favorably consider the outstanding amount to be paid.
Background
Mr Essien, who was standing trial with two others for stealing depositors' funds after the collapse of his bank, had reached an agreement with the AG’s department in December 2022, to pay an amount of Ghc 90 million as restitution to the state, under section 35 of the Courts Act, 1993 (Act 459).
