The CEO of the defunct Capital Bank, William Ato Essien, has been given a 20-day ultimatum to conclude compensation talks with the state.
If he is unable to strike a deal with the prosecution, Ato Essien will be forced to mount the docket to begin his defense on November 4, according to the Commercial Division of the Accra High Court.
On Thursday, October 14, 2021, lawyer Baffour Gyau Bonsu Ashia, who was holding Thaddeus Sory’s brief, informed the Court that they had chosen to re-activate Section 35 of the Courts Act with the prosecution.
“My Lord, before the trial commenced in this court the first accused person made an application in this court to take advantage of the provision in Section 35 of the Courts Act. My Lord, we started discussions with the prosecution but the discussion suffered some delays and so it came to a temporary halt.
“We have sent a letter to the prosecution requesting that discussions should resume. We have received a response from the prosecution indicating their willingness to afford us the opportunity. It is our humble prayer that this court leans towards us and afford us the opportunity,” he noted.
Mrs Marina Appiah-Opare, a Chief State Attorney for the state, responded by telling the court that the state is ready to continue negotiations with the first accused.
“Indeed, we have received a request from the first accused person through his counsel for the resumption of discussions in respect of their desire to take advantage of Section 35 of the courts act and make restitution.”
She added “we are open to resuming the said discussion and we have duly informed counsel for the first accused person. We are saying that the said discussion we hope should not take more than two weeks and therefore if this court is minded to grant an adjournment it should be two weeks.”
The presiding judge, Justice Eric Kyei Baffour, Justice of the Court of Appeal sitting with additional responsibility as a High Court judge, who adjourned the case to November 4, stated, “As the learned Chief State Attorney has confirmed to the court, the first accused is still desirous of reaping the benefit of Section 35 of the courts act, Act 459 (1994), in terms of proposal to pay compensation and reparation to the republic for whatever alleged losses caused the republic.”
He said, “Weighing these two competing interests and balancing same, I am of the view that not more than 20 days adjournment to enable the parties conclude negotiations would be an apt time. If that is not achieved, no injustice at all would be occasioned the first accused if the trial were to resume while the parties attempt to conclude the negotiations.
“Accordingly,” he said “the court will proceed with the trial on the next adjourned date even if there is no agreement in order not to breach the first accused person’s right to fair trial within a reasonable time as spelt out by the constitution,” the court said.
Ato Essien, Fitzgerald Odonkor, the bank’s Managing Director, and Tettey Nettey, the Managing Director of MC Management Services, a business believed to be controlled by Essien, have been accused of stealing depositors’ funds, causing the bank to collapse.
They have all denied the accusation of conniving and stealing GH¢620 million liquidity support given to the defunct Capital Bank by the Bank of Ghana (BoG).
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