Ato Essien trial to continue in October

The trial of William Ato Essien, who has been charged with three others for allegedly playing various roles in the collapse of Capital Bank, will continue on October 15, 2020, as the court rejects the accused’s offer to pay back the money.

The Attorney General’s Office had earlier rejected the refund agreement submitted by the founder of the now-defunct Capital Bank.

Essien had written to the Attorney General’s Office proposing to refund some of the money lost.

The founder of the collapsed Capital Bank is on trial for allegedly misappropriating customer’s funds leading to the collapse of the bank.

He and three others are facing 26 charges for the various roles they played that led to the collapse of Capital Bank.

But Chief State Attorney, Mariah Appiah Opare, on June 18, 2020, told the court that the agreement was “totally unacceptable”.

According to her, the terms were not favourable to the state.

However, she said the state has since received another proposal from Essien and was currently studying it.

According to her, the deliberation would not stop the trial from proceeding since the negotiation would affect only four of the charges.

Counsel Essien, Baffour Gyawu Bonsu Ashia, urged the court to adjourn the case explaining that reaching an agreement would substantially affect the case.

The court presided over by Justice Kyei Baffour was compelled to adjourn the matter after the prosecution told the court that they were yet to conclude negotiations with regard to the refund of the misappropriated funds in line with Section 35 of the Courts Act, 1993 (Act 459).

Meanwhile, all four have denied the charges.

Ato Essien, who is also a majority shareholder of Capital Bank Limited and Fitzgerald Odonkor, a former Managing Director of Capital Bank, were admitted to bail in the sum of GH¢200 million each.

Kate Quartey Papafio, the Chief Executive officer of Reroy Cables Company Limited, was admitted to bail in the sum of GH¢75 million.

The four accused are to provide four sureties each who are of good character and substance.