The Court of Appeal has granted GH₵10 million bail, with two sureties, to William Ato Essien, former Managing Director and founder of the now-defunct Capital Bank, as he seeks to appeal his 15-year prison term for causing financial loss to the state.
The panel of three, presided over by Justice Anthony Oppong, has directed the convict applicant to deposit his passport at the registry of the court.
Mr. Essien was convicted in October 2023 after a restitution agreement collapsed due to non-payment of funds pledged towards the alleged misappropriation of GH¢90 million in Bank of Ghana liquidity support to Capital Bank.
He avoided jail after the court accepted an agreement between him and the Attorney-General for him to refund the money to the state. However, he was later jailed after failing to meet the payment terms.
A few days before this breakthrough, the Head of Mission for the Commonwealth Enterprise and Investment Council, Dr. John Apea, revealed that Mr. Essien is battling serious health complications in prison, demanding presidential clemency.
Dr. Apea questioned the integrity of Ghana’s justice system in this context, drawing attention to the contrast in treatment between Essien and other high-profile figures convicted of financial crimes.
He pointed out that Dr. Kwabena Duffuor, formerly of uniBank, had been released under similar circumstances, yet Ato Essien remains incarcerated, despite his medical hardship.
Dr. Apea explained that the petition is not about Mr Essien’s wealth or business standing, but rather about fairness and mercy.
Adomonline
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