Former Chief Executive Officer of the defunct Capital Bank, William Ato Essien’s GHC10 million bail application has been granted by the Court of Appeal. The court granted the bail application with two sureties.

William Ato Essien is presently appealing a 15-year jail term with hard labour imposed on him in 2023 for causing financial loss to the state. The court pronounced its ruling following William Ato Essien’s failure to fully pay the GHC90 million debt he owed the state, despite several opportunities provided to him.

William Ato Essien, along with Rev. Fitzgerald Odonkor and Tetteh Nettey, a former Managing Director of MC Management Services, faced charges on 23 counts. The charges included conspiracy and misappropriation of funds. The defunct bank received GHC620 million in liquidity support provided by the Bank of Ghana (BoG) to assist in servicing its maturing debt.

The court in May 2023, granted William Ato Essien a two-month window to make an initial payment of GHC20 million out of the GHC60 million, but he failed to meet it. This was after he reached an agreement with the state under section 35 of the Courts Act to avoid serving a custodial sentence following a conviction in December 2022.

He was earlier tasked with a GHC90 million debt obligation by the court instead of being sent to prison. This amount was to be paid by the end of 2023, with an initial payment of GHC30 million in December 2022 and the outstanding amount to be divided into three equal installments in 2023.

By the end of April 2023, William Ato Essian had paid only GHC6 million out of the GHC20 million installment. Following his failure to make the full payment, the state filed an application requesting a custodial sentence to be imposed by the court, as the terms of the agreement stipulated that failure to adhere to the payment plan would be imprisonment.

Judge Justice Eric Kyei Baffour deferred the hearing of the application to impose a custodial sentence following a request by Ato Essien’s legal team. The legal team of William Ato Essien in court argued that agreements had been made with a company for the liquidation of some of his properties to cover their client’s debt. But it was revealed that only an additional GHC2 million had been paid. This brought the total of the first installment to GHC8 million, with a remaining GHC12 million.

Out of the GHC90 million debt, Ato Essien paid GHC38 million, leaving an outstanding balance of GHC52 million.

Former Deputy Attorney-General, Alfred Tuah Yeboah, following William Ato Essien’s sentencing, expressed satisfaction with his outfit’s accomplishment in being able to retrieve a part of the amount. He was pleased with the government's management to recover some amount rather than nothing at all.

According to him, this was the largest sum the state has reclaimed through criminal prosecution in the Fourth Republic.

“I can say without any fear of equivocation that since the Fourth Republic, there has not been any criminal prosecution that the State has been able to recover GH¢37 million. So this is a good step because sometimes, some accused persons go to jail and return or are pardoned and they come back to enjoy their booty and nothing comes to the State. So I agree that this is not even half of the amount but it is better than nothing at all,” he said in an interview on TV3.

Alfred Tuah Yeboah assured that the state would reclaim the outstanding amount, as it would not be relinquished for any reason. Outlining the strategy for retrieving the funds, the former Deputy Attorney-General stated that the encumbered assets of the convicts would be identified and confiscated. This process would be carried out through a civil action initiated against the convict.

Also in reaction, private legal practitioner Martin Kpebu called for the prosecution of the former board chairman of the defunct bank, Dr Mensa Otabil, the founder and General Overseer of the International Central Gospel Church (ICGC), noting that without him being subjected to legal action, the case remains incomplete.

Speaking during a panel discussion on TV3 on October 14, Mr Martin Kpeby noted that all those involved in the case must be prosecuted. He added that William Ato Essien could not have embezzled the amount he was convicted for.

“We didn’t do enough forensic investigation into this matter. Because if you look at the monies involved, the board chairman cannot be excluded. So I think we didn’t do a good investigation on the matter. This money is too colossal for us to say that the board chair does not have a question to answer,” he said.

Dr Mensa Otabil in 2018 explained that his "position was a non-executive role" but pointed out that "some decisions made turned out well, while some did not turn out as well as had been anticipated."

In March this year, a petition was presented to President John Dramani Mahama, appealing for a presidential pardon for William Ato Essien.

On Thursday, February 27, lawyer Andrew Appiah-Danquah filed a petition, calling for a review of the circumstances surrounding William Ato Essien’s case.

“Capital Bank’s collapse in 2017 was not due to fraud but a politically orchestrated move to consolidate financial power. Mr. Essien refused to bow to political pressure to cede control of his bank to powerful interests, which ultimately led to its targeted demise. The GH₵ 620 Million Liquidity Support Was a Commercial Loan, Not a Fraud…Capital Bank was repaying this loan and had already paid GH₵ 336 million in interest over two years—clear evidence that it was a legitimate banking transaction.”

“The GH₵ 480 million described as a “shareholder loan” was not stolen but rather a strategic restructuring of non-performing loans accumulated over 14 years. Such restructuring is a common financial practice aimed at strengthening a bank’s financial position and was not an act of fraud. The Court’s Acquittal of Others Contradicts Ato Essien’s Conviction”

“Three other accused persons—Dr. Tetteh Nettey, Rev. Fitzgerald Odonkor,and Kate Quartey-Papafio—were acquitted on the same charges for which Mr. Essien was convicted. The court held that: The GH₵ 70 million transaction involving Kate Quartey-Papafio was fully accounted for. The GH₵ 130 million transaction involving Dr. Tetteh Nettey was fully accounted for. The GH₵ 27.5 million transaction involving Rev. Fitzgerald Odonkor was legal and authorised.”“To avoid a prolonged trial, Mr. Essien was pressured into a plea bargain, agreeing to pay GH₵ 90 million—an amount significantly higher than the alleged loss which he has already paid GH₵ 43.75 million.”

“Granting a Presidential Pardon to Ato Essien will not only restore justice but will also affirm your commitment to a truly new Ghana—one where freedom and justice are not just words, but lived realities.”

Recently, Dr John Apea, the Head of Mission at the Commonwealth Enterprise and Investment Council and Board Member of the Commonwealth Human Rights Office for Africa, revealed the deteriorating health of William Ato Essien.

Dr. Apea, while speaking on the X Spaces on July 27, stated that "as it stands now, Ato is not receiving the necessary medical care that a prison facility or within the prison walls that he needs, you know?"

"So that's why, for me, the clemency is the biggest thing I'm most interested in now, court, case, capital, bank, all that stuff. I don't want to meddle in politics either. Let the lawyer deal with that one step at a time. But for now, we have to look at what the real issue is. The real issue is that here's our father, here's our brother, here's our son who can't take care of himself in prison because he's in ill health. Do we leave him there? Is that rehabilitation, or is that a death penalty? We don't have capital punishment for financial crimes in Ghana, but is this a silent execution that we are putting people who are ill through? I don't think that should be the case,” he said.