The Court of Appeal has granted bail of GHS10 million to William Ato Essien, founder of the defunct Capital Bank, as he challenges his conviction.
In a ruling on Wednesday July 30, the court granted bail to Ato Essien in the sum of GHS10million with two sureties.
He is to deposit his passport at the court’s registry and also report once a month to the Registrar of the Court.
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Mr. Essien was convicted in 2023 on charges of misappropriating depositors’ funds, an offence linked to the collapse of Capital Bank during the Bank of Ghana’s financial sector clean-up.
This is after he failed to refund the total of GHS90 million under a restitution deal which had earlier secured him a non custodial sentence.
He is currently appealing both the conviction and the sentence handed down by the High Court.
Lawyers for Essien argued that their client had cooperated fully with investigators and the courts, insisting he posed no flight risk. They stressed that the bail was necessary to allow him to prepare adequately for the legal process ahead.
Prior to the court granting bail, Dr. John Apea, Head of Mission for the Commonwealth Enterprise and Investment Council, disclosed that Mr. Ato Essien was in a critical health condition and called for his immediate release.
The case is expected to return to court once the appeal hearing date is confirmed.
