Today, Financial Division of the Accra High Court has placed a perpetual ban on the founder and Chief Executive of defunct Capital Bank, William Ato Essien, from holding a key position in any financial corporation.

The order was as a result of Ato Essien being found guilty of 16 out of 23 charges levelled against him.

The 16 counts were conspiracy to steal, stealing and money laundering. Essien earlier pleaded not guilty to the offences, but has eaten back his words, to plea guilty.

Eric Kyei Baffour, Court of Appeal judge sitting as additional justice of the High Court, passed the judgement on Essien.

The court suspended the custodial sentence of Ato Essien in hope that he will pay the state some GH¢90 million stolen by him.

The state would receive restitution and reparation of GH¢60 million from Essien over the next 12 months.

Essien is paying GH¢60 million instead of GH¢90 million because GH¢30 million had already been paid by him to the state.

The agreement to pay these monies stolen was the very basis, underlying the suspension of his custodial sentence by the court.

While the court expected that he made payments of GH¢20 million in every four months, April 28, August 31 and December 15, the prosecution was ordered to cause Essien’s arrest and arraigned him before it in case of default.

The court would this time round pronounced custodial sentence on Essien.