Ato Essien pleads guilty to charges

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Mr William Ato Essien
Mr William Ato Essien

William Ato Essien,Founder of now-defunct Capital bank, has pleaded guilty to charges of misappropriation of depositors’ funds and other counts of stealing, abetment to stealing, conspiracy to steal and money laundering among others.

This was after the court accepted the terms of agreement reached between lawyers of Mr. Essien and the prosecution to pay a total of 90 million cedis as refund to the state.

Ato Essien is standing trial with the Managing Director (MD) of the defunct bank, Fitzgerald Odonkor, and the MD of MC Management Services, a company said to be owned by Essien, Tettey Nettey.

The prosecution has accused the three persons of engaging in various illegal acts that led to the dissipation of a chunk of the GH¢620 million liquidity support given to the Capital Bank by the BoG between June 2015 and November 2016.

The accused persons had prior to this, pleaded not guilty to some 23 charges including stealing, abetment to stealing, conspiracy to steal and money laundering.

They maintained their innocence all throughout the trial with Ato Essien maintaining at all material moments that he had Board approval for all the actions he took.

Meanwhile, the judge is yet to make judgement on the case which is expected in a about an hour.

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