Founder of Capital Bank, William Ato Essien might be thrown into prison if he fails to pay monies owed to the state by next week.

The state says it is not interested in renegotiating payment terms with Ato Essien, as the latter’s application seeks to define.

The state’s position follows failure on the part of Ato Essien to pay GH¢20 million in full ending of first quarter.

So far, Mr Essien has paid GH¢4 million out of the amount, leaving the total outstanding money owned to the state at GH¢56 million.

He was expected to pay GH¢20 million at least every four months to complete the outstanding money owed to the state as restitution.

Essien was last year convicted on his own plea of guilty to conspiracy to commit a crime, stealing and money laundering.

Prior to his conviction, he reached an agreement with the prosecution to pay the GH¢60 million in three tranches by the end of this year.

Subsequently, the convict through similar arrangement paid the state GH¢30 million out of the total sum of GH¢90 million.

The Accra High Court, presided over by Justice Eric Kyei Baffour, accepted the agreement between the state and the convict under Section 35(7) of the Court Act 1993 (Act 459) to set aside custodial sentence.

Essentially, the convict has expressed some difficulties in raising the amount as expected to defray the GH¢60 million.

The convict counsel Thaddeus Sory has indicated that they have so far paid GH¢4 million and had further shown a good date to add another one million.

Similarly, there is an attachment to the convict’s affidavit showing that he is expecting some inflows that would finally settle the debt.

Mr Sory, therefore, urges the court not apply the literal interpretation of Section 35(7) of the Court Act but look at the purpose it intended to serve.

Furthermore, he prayed the court to stay proceedings to offer the parties opportunity to go back to the negotiation table to renegotiate.

He questioned the benefit of the state passing custodial sentence on the convict when the purpose of the section had not be achieved.