\n
Deputy Attorney-General, Alfred Tuah-Yeboah, has confirmed that the state will continue to pursue the former CEO of the defunct Capital Bank, Ato Essien, even after he was sentenced to 15 years in prison.<\/p>\n
Mr. Tuah-Yeboah emphasized that the state intends to seize the former CEO\u2019s immediate properties to recover a portion of the GH\u00a253 million he still owes the state.<\/p>\n
Mr. Tuah-Yeboah clarified that the 15-year sentence with hard labour handed to Ato Essien does not exempt him from fulfilling his financial obligations to the state.<\/p>\n
\u201cIf he serves this sentence, the state will still pursue him and get the remaining amount and so it is not as if he is going to serve his sentence and then the amount will be forfeited. We are going to trace his incumbent properties and go after that in a civil action,\u201d Mr Tuah-Yeboah said on Eyewitness News on Thursday.<\/p>\n
Mr. Tuah-Yeboah disclosed that the state had entered into a payment agreement with Mr. Essien, with the understanding that he would repay the GH\u00a260 million he owed.<\/p>\n
Unfortunately, Mr Essien defaulted on this agreement by paying only GH\u00a237 million at the time of his sentencing on Thursday.<\/p>\n
\u201cThe state has been able to retrieve GH\u00a237 million from the convict and he is also serving fifty years imprisonment maybe if he had not refunded the GH\u00a237 million, he could have had a higher sentence but as far as we are concerned.<\/p>\n
\u201cWe entered into this agreement with him under Section 35 with the understanding that he goes by the terms of the agreement and he made some commitments by paying 37 and he couldn\u2019t go through the entire agreement and he had to go and serve the fifteen years.\u201d<\/p>\n
Mr. Essien was jailed on Thursday, October 12 following his failure to pay in full an amount of GH\u00a290 million he agreed to pay the state despite several lifelines given him since December 2022.<\/p>\n
Ato Essien pleaded guilty to 16 counts of stealing, money laundering, and conspiracy to steal for his role in the collapse of Capital Bank.<\/p>\n
He, however, entered a plea bargain with the state under section 35(7) of the courts ACT 459.<\/p>\n
Under the agreement, Mr. Essien was expected to pay GH\u00a290 million for which he paid GH\u00a230 million cedis on December 13.<\/p>\n
He was to pay the GH\u00a260 million remainder in three equal instalments in 2023; GH\u00a220 million by April 28, another GH\u00a220 million by August 31 and the last GH\u00a220 million by December 15, 2023.<\/p>\n
A major condition of the agreement was that the court would not hesitate to impose a custodial sentence if he missed any of the payment deadlines.<\/p>\n
However, Mr. Essien failed to pay the remainder.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Deputy Attorney-General, Alfred Tuah-Yeboah, has confirmed that the state will continue to pursue the former CEO of the defunct Capital Bank, Ato Essien, even after he was sentenced to 15 years in prison. Mr. Tuah-Yeboah emphasized that the state intends to seize the former CEO\u2019s immediate properties to recover a portion of the GH\u00a253 million […]<\/p>\n","protected":false},"author":1,"featured_media":77724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-109943","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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