Founder of defunct Capital Bank, William Ato Essien, has been sentenced to 15 years in prison. This is as a result of stealing over GH¢90 million, belonging to the bank.
The bank was declared insolvent by the bank of Ghana in August 2017. According to financial reports, the bank insolvency came as a result of under-provisioning for loans; overestimation of investment assets and other financial deficiencies.
Ato Essien, through his actions, reportedly collapsed the Capital Bank and promised to pay back the GH¢90 million to the state.
However, he defaulted and paid only GH¢37 million, hence his incarceration.