William Ato Essien, former MD of now-defunct Capital Bank
The Accra High Court has denied a bail application filed on behalf of William Ato Essien, the founder of the defunct Capital Bank, who is currently serving a 15-year prison sentence for stealing over GH¢90 million from the bank.
Essien, who served as the Managing Director of Capital Bank, was convicted in October 2023 after failing to fulfill the terms of a plea bargain agreement brokered by the then-Attorney General, Godfred Yeboah Dame.
The agreement allowed him to avoid a custodial sentence by repaying the state GH¢90 million in three installments.
Under the arrangement, Essien was required to make payments as follows; an initial sum by April 28, 2023, a second by August 31, 2023, and a final installment by December 15, 2023.
Though he paid GH¢30 million in December 2022, he defaulted on the subsequent payments.
At the time of sentencing, Justice Kyei Baffour noted that Essien had managed to pay only GH¢7 million of the outstanding GH¢40 million due under the agreement. As a result, he was sentenced to 15 years of hard labour.
Following his conviction, Essien filed an appeal against the sentence. On Friday, May 16, 2025, his legal team, led by Baffour Gyawu Bonsu Ashia (standing in for Thaddeus Sory), applied for bail pending the determination of the appeal.
Meanwhile, the prosecution, represented by State Attorney Frederick Adu-Gyamfi, indicated that the Attorney General’s office did not oppose the application.
However, presiding over the bail hearing, Justice Emmanuel Lodoh exercised judicial discretion to deny the application, ruling that Essien remain in custody as his appeal progresses through the legal system.
MA