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The Court of Appeal has granted bail to William Ato Essien, former managing director and founder of the defunct Capital Bank, as he challenges his 15-year jail sentence for causing financial loss to the state.
The bail, set at GH₵10 million with two sureties, offers temporary relief to Mr. Essien, who was convicted in October 2023 after breaching a restitution agreement involving GH₵90 million in misappropriated Bank of Ghana liquidity support.
Essien’s conviction followed his failure to fulfil payment obligations under a negotiated settlement with the state, prompting the High Court to activate a custodial sentence.
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His legal team has since filed an appeal, arguing that the sentencing was unduly harsh and that he remains committed to repaying the outstanding funds.
The Appeal Court’s decision allows him to remain out of prison pending the final determination of the case, though the terms require strict compliance with bail conditions.
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