Founder of defunct Capital Bank, William Ato Essien
Founder of defunct Capital Bank, William Ato Essien

The High Court in Accra has rejected an attempt by the founder of the defunct Capital Bank, William Ato Essien, to renegotiate a GH¢60 million settlement to the state.

Essien who was convicted for stealing over GH¢90million of Bank of Ghana’s liquidity support to the bank was supposed to have paid 20 million of the 60 million by April 28 this year and pay the rest by the end of December this year.

Failure to pay the amount per the agreed terms will lead to the court jailing Essien 

Essien failed to pay the GH¢20million by the April 28 deadline and rather paid GH¢4million Wednesday and has further assured the court that he has another Ghc1m to pay by the close of Thursday (May 11, 2023).

In court today  Counsel for Essien, Thaddeus Sory moved an application urging the court to halt any proceedings that could lead to his client being jailed and also allow the convict to renegotiate the settlement agreement with the Attorney-General (A-G).

A Deputy A-G, Alfred Tuah-Yeboah, opposed the motion and urged the court to dismiss it, arguing that a grant of the motion would set a dangerous precedent.

The court, presided over by Justice Eric Kyei Baffour, dismissed the application, describing it as one without merit.

Hearing continues on May 17, 2023, for the court to rule an application by the A-G for the court to imprison Essien over his failure to meet the payment deadline.