Founder of defunct Capital Bank, William Ato Essien has been sentenced to 15 years in prison by an Accra High Court today.
Mr Essien was convicted of stealing over GH¢90m of Bank of Ghana’s liquidity support to the now-defunct financial institution.
This comes after his inability to fully pay the said amount back to the State after agreeing to do so despite being afforded the opportunity.
He earlier paid ¢30 million upfront in December 2022 and was required to pay ¢20 million as the first installment of the ¢60 million outstanding amount by April 28, 2023.
But he was only able to pay ¢5 million. In May, the founder was given up until July 4 to liquidate his assets and pay the state ¢55 million. This deadline elapsed without any payments made.