The former Chief Executive Officer of the now-defunct Capital Bank, Ato Essien, has been sentenced to 15 years imprisonment with hard labor for his involvement in the collapse of the bank. This punishment was meted out after Ato Essien failed to fulfill his obligation to pay the state an amount of GH¢90 million, despite receiving several extensions and lifelines since December 2022.
Ato Essien had pleaded guilty to 16 counts of stealing, money laundering, and conspiracy to steal for his role in the collapse of Capital Bank. He entered into a plea bargain with the state under Section 35(7) of the Courts Act 1993 (Act 459). The plea bargain was reached after Ato Essien acknowledged his guilt and expressed remorse for his actions.
The sentencing was delivered by Justice Afia Serwah Asare-Botwe of the Accra High Court, who found Ato Essien guilty of all the charges brought against him. The court held that Ato Essien's actions had caused significant financial loss to the state and had undermined the stability of the financial sector.
In passing the sentence, Justice Asare-Botwe took into account the fact that Ato Essien had been given several opportunities to pay the amount he owed the state, but had failed to do so. She also noted that Ato Essien's actions had caused irreparable harm to the bank's customers and had undermined the trust and confidence in the banking sector.
The court further held that Ato Essien's actions were a clear breach of the trust and confidence reposed in him as the CEO of Capital Bank. The court stated that Ato Essien had abused his position and had used his influence to engage in fraudulent activities that had caused the collapse of the bank.
The sentence imposed on Ato Essien is a significant milestone in the fight against financial crimes in Ghana. It sends a strong message to individuals and institutions that engage in such activities that the law will not spare them. The sentence also serves as a deterrent to others who may be tempted to engage in similar conduct in the future.