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Capital Bank’s Ato Essien agrees to refund GHS90m to state in place of custodial sentence but judge says amount not commensurate

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The founder of the now-defunct Capital Bank, Mr Ato Essien, has agreed to refund GHS90 million to the state in place of custodial sentence.

He has also changed his plea from not guilty to guilty.

The high court, thus, did not pronounce judgment on his case as scheduled on Thursday, 1 December 2022.

The refund agreement was tabled by Mr Essien’s legal team on Wednesday, 30 November 2022.

The state accuses him of having stolen that quantum of money.

Mr Essien has been standing trial with two others in connection with their respective roles in the collapse of the bank.

However, Justice Eric Kyei Baffour, the trial judge, said the agreed amount was not hefty enough.

He, thus, adjourned the case to 13 December 2022, for the parties to address the court on the legal basis for the agreed amount and the accompanying terms.

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