An Accra High Court has accepted the GH¢90 million settlement terms reached between the state and William Ato Essien, founder of defunct Capital Bank.
By the agreement, Mr. Essien agreed to pay GH¢90 million in total with an initial payment of GH¢30 million and GH¢60 million by instalment to the state.
The Court presided over by Justice Eric Kyei Baffour last week criticised the settlement deal because it thought it was not in the best interest of the state.
However, state prosecutors led by Deputy Attorney General Alfred Tuah Yeboah and lawyers for Ato Essien advanced arguments to convince the court that the terms of settlement reached between the two parties was the best deal.
Justice Eric Kyei Baffour after reviewing the arguments of the parties accepted the restitution deal.
The accused has since pleaded guilty to the charges of stealing and money laundering.
Ato Essien and two others have been on trial for the past three years for their involvement in the collapse of Capital Bank.
The prosecution had also accused Mr. Essien of misappropriating GH¢620 million liquidity support extended by the Bank of Ghana to help keep the bank afloat.
The prosecution and the accused in arriving at the agreement told the court they came under section 35 of the Courts Act, 1993, Act 459 (as amended). The provision states as follows:
“(1) Where a person is charged with an offence before the High Court or a Regional Tribunal, the commission of which has caused economic loss, harm or damage to the State or any State agency, the accused may inform the prosecutor whether the accused admits the offence and is willing to offer compensation or make restitution and reparation for the loss, harm or damage caused.”
Justice Kyei Baffour was sceptical about the application of section 35 of the Courts Act to the present case, as he noted that the monies involved belonged to depositors and shareholders of the defunct bank and not the state per se.
