The Court of Appeal in Accra has granted bail in the sum of GH¢10 million to William Ato Essien, former Chief Executive Officer of the defunct Capital Bank, who is currently serving a 15-year prison sentence.
A three-member panel, presided over by Justice Anthony Oppong, ordered that the bail be secured with two sureties.
Mr Essien was convicted for stealing, conspiracy to steal, and money laundering in connection with the collapse of Capital Bank.
His health condition recently became a matter of public concern after an image of him on a hospital bed at the 37 Military Hospital surfaced on social media.
Prior to his admission, some individuals had appealed to President, John Dramani Mahama, to grant him clemency.
He was sentenced by the Accra High Court on October 12, 2023, after failing to honour a plea bargain agreement to repay GH¢90 million to the state.
Justice Eric Kyei Baffour, a Court of Appeal judge sitting with additional responsibility, imposed the custodial sentence.
Mr Essien had initially paid GH¢30 million upfront in December 2022 and was expected to pay the remaining GH¢60 million in three equal instalments throughout 2023.
He defaulted on the first GH¢20 million payment due by April 28, paying only GH¢5 million in May. Despite an extended deadline to July 4 to settle the remaining GH¢55 million, no further payment was made.
Counsel pleaded for additional time, but the court rejected the request, citing Essien’s failure to act during the two-month legal vacation.
Mr Essien, together with Rev. Fitzgerald Odonkor and Tetteh Nettey, was charged with 23 counts related to the misappropriation of GH¢620 million in liquidity support from the Bank of Ghana.
The prosecution stated that part of the funds were carried in jute bags and delivered to Essien.
The plea bargain, made under Section 35(7) of the Courts Act, 1993 (Act 459), warned of imprisonment if deadlines were breached.
With GH¢53 million still outstanding by October 2023, the state filed for custodial enforcement, which the court eventually granted.
BY MALIK SULLEMANA