President Nana Akufo-Addo exercised his constitutional power to grant pardons to several individuals, including Ato Essien, the former CEO of the now-defunct Capital Bank.
This act of clemency, announced on December 31, 2024, aimed to bring a sense of reconciliation at the end of the year.
Essien’s legal troubles stemmed from the collapse of Capital Bank during Ghana’s financial sector cleanup in 2017-2019.
He was convicted of financial crimes, including embezzling GH¢620 million in liquidity support provided by the Bank of Ghana.
This significantly impacted the country’s financial stability and eroded public trust in the banking system.
In October 2023, Essien was sentenced to 15 years in prison for failing to fulfill a restitution agreement with the state.
The agreement required him to repay GH¢90 million to avoid imprisonment. Despite multiple extensions and opportunities to comply, Essien only repaid a fraction of the amount, leaving the state with no other option but to enforce the court’s ruling.
Read the full statement below:
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The post Akufo-Addo pardons former Capital Bank CEO Ato Essien, eight others first appeared on 3News.
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