Justice Justifies 15-Year Sentence for Capital Bank Founder Ato Essien

Accused of sheer greed, William Ato Essien, the founder of the now-defunct Capital Bank, has been sentenced to 15 years in prison by Justice Eric Kyei Baffour.

The judge delivered his ruling on October 12, justifying his decision by emphasizing that Mr. Essien’s actions showed a blatant disregard for the law and avaricious intent to defraud the state.

In his ruling, Justice Baffour stated, “The convict demonstrated sheer greed in his desire to own another bank besides Capital Bank Ltd and left no stone unturned through subterfuge and deceit with pure criminal intent to set up Sovereign Bank Ltd.”

The judge pointed out that, given Mr. Essien’s position of trust, he was expected to demonstrate responsibility and fidelity, rather than attempting to embezzle vast sums of money.

Ato Essien’s imprisonment stems from his failure to fully repay the GH¢90 million owed to the state. Despite an initial payment of ¢30 million in December 2022 and a required ¢20 million installment by April 28, 2023, he only managed to pay ¢5 million.

When a subsequent deadline in May passed without payment, the state submitted a request for a custodial sentence, which was granted by Justice Baffour.

This landmark decision makes Ato Essien the first banking executive to serve a prison sentence following the extensive banking sector clean-up in 2017, which led to the collapse of seven indigenous banks, including Capital Bank.

Kweku Paintsil, a private legal practitioner, commented on the ruling, noting that Ato Essien’s imprisonment was not surprising, as it resulted from his failure to comply with court-ordered payments rather than his financial capability.