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Ato Essien, the former Chief Executive Officer of defunct Capital Bank, has been sentenced to 15 years of imprisonment with hard labor for failing to fulfill the terms of a plea bargain with the state. Essien pleaded guilty to 16 counts of stealing, money laundering, and conspiracy to steal in connection with the collapse of Capital Bank.
Key Details:
- Sentencing Details: Ato Essien received a 15-year prison sentence with hard labor for his failure to fully pay the agreed-upon GH¢90 million to the state. The sentencing follows his guilty plea and the subsequent plea bargain.
- Plea Bargain Agreement: Ato Essien entered into a plea bargain with the state, agreeing to pay GH¢90 million. He paid GH¢30 million in December 2022 and was required to pay the remaining GH¢60 million in three equal installments in 2023.
- Payment Default: As of April 28, 2023, Essien had not paid the GH¢20 million installment due. Despite being given several lifelines, he only paid GH¢7 million in addition to the initial GH¢30 million between January and October 12.
- Custodial Sentence: The court had warned that a custodial sentence would be imposed if Essien missed payment deadlines. The state filed an application on May 2, 2023, seeking a custodial sentence after he failed to make the required payments.
- Judge’s Decision: The presiding judge, Justice Eric Kyei Baffour, allowed the state to move the application after Essien’s continued default. Ato Essien was then sentenced to 15 years in prison.
Implications:
The sentencing of Ato Essien underscores the legal consequences of defaulting on a plea bargain agreement. The case highlights the seriousness with which financial misconduct and breaches of agreements are treated, especially in matters related to the collapse of financial institutions.
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