Ato Essien is the founder of the defunct Capital Bank
The Court of Appeal has reportedly granted bail to the founder of the defunct Capital Bank, William Ato Essien.
According to a report by TV3, Ato Essien was granted bail in the sum of GH¢10 million with two sureties.
He has also been ordered to deposit his passport at the court’s registry.
Ato Essien was convicted in December 2022 for allegedly embezzling over GH¢90 million from Capital Bank, funds acquired through Bank of Ghana liquidity support.
Although initially spared a custodial sentence via a restitution agreement, he was later jailed in late 2023 after failing to fulfil the payment terms.
The state, under the Nana Addo Dankwa Akufo-Addo government, entered an agreement under Section 35 of the Courts Act, 1993 (Act 459), with Ato Essien and settled on him paying GH¢90 million to avoid being jailed.
He paid GH¢30 million in cash before the settlement was adopted by the court, with the rest to be paid over a period of one year.
He, however, defaulted after paying GH¢9 million in addition to the GH¢30 million and was jailed for 15 years after the then Attorney General applied to the court for him to be sentenced.
The granting of his bail comes following calls for him to be set free over his current health condition.
A faction of the public has said that he should be freed because he has paid substantial sums toward restitution. Some have also challenged the legality of his conviction, citing concerns that he lacked the financial means for an elite legal defence and may have been treated unfairly.
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.
The petition submitted by Andrew Appiah-Danquah, a lawyer, and dated Thursday, February 27, 2025 addressed raised serious concerns about the fairness and integrity of Essien’s conviction and imprisonment.
The petition highlighted Essien’s significant contributions to Ghana’s financial sector as being the founder of Capital Bank; his leadership and innovation provided thousands of jobs, supported local businesses, and empowered Ghanaian entrepreneurs.
The petition argued that his conviction undermined the achievements of a visionary entrepreneur who proved that local enterprises could thrive in a competitive financial sector.
BAI/
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