Why Ato Essien was given lifeline to honour restitution deal

The High Court (Commercial Division 7) presided over by Justice Eric Kyei Barfour(JA) has given the founder of defunct Capital Bank an extension to pay up money owed to the state.

At its previous sitting last Thursday, the court dismissed a motion by Mr. Essien where he sought leave to renegotiate with the prosecution after he failed to meet the terms of payment for his restitution deal. 

However, when the case was called today, May 17, the presiding judge decided to put on hold moving of the AG's application for custodial sentence, owing to a fresh commitment on the part of Ato Essien.

According to the judge, Ato Essien has informed the court about ongoing plans to sell assets in some companies owned by him in order to pay the outstanding amount of Ghc 60 million on his restitution deal. 

Additionally, it was noted that Mr Essien has paid an extra GHc five million and thus expecting some money from the sale of his assets in about 90 days.

As such, Justice Kyei Baffour decided to give him a lifeline by temporarily restraining the AG from moving his application till the next adjourned date.

On his part, the Deputy Attorney-General, Alfred Tuah-Yeboah wondered if the amount expected from Mr. Essien could offset the entire amount owed to the state.

In his ruling therefore, the presiding judge noted that, ' premised on the AG's application and the Affidavit in opposition, if I were to allow the learned AG to move the application, I would be compelled to deliver my ruling of the application.'

Further, he noted that, "taking notice that the convict has taken steps to liquidate some assets for which he is a shareholder and expecting huge sums of money as indicated in the affidavit in opposition.'

In conclusion, he said, "accordingly, I will hasten slowly and adjourn the application to July 4, 2023, to enable the convict redeem the monies outstanding and as agreed per the agreement."