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William Ato Essien, founder of Capital Bank, may face imprisonment after failing to pay GH¢20 million out of a GH¢60 million restitution to the state by the agreed deadline. Essien pleaded guilty to 16 counts of money laundering and was ordered to pay GH¢90 million to the state under Section 35 of the Courts Act, 1993 (Act 459), which allows accused persons to pay restitution and potentially avoid a custodial sentence.
The Attorney-General has filed a motion with the High Court in Accra requesting that Essien be imprisoned for violating the court’s order from December 13, 2022. Essien has already paid GH¢30 million and agreed to pay the remaining GH¢60 million in three installments. The court ordered him to make the first payment by April 28, 2023, the second by August 31, 2023, and the final installment by December 15, 2023. He risks going to prison if he cannot meet the agreed terms.
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Source: Omanghana.com
