Hot!
Former Capital Bank CEO Ato Essien jailed 15 years
Former Chief Executive Officer of defunct Capital bank, Ato Essien has been sentenced to 15 years imprisonment with hard labour.
This follows his failure to pay in full an amount of GH¢90 million cedis he agreed to pay the state despite several lifelines given him.
The court in May 2023 gave him a two-month window to at least pay in full the first GH¢20 million out of the GH¢60 million he was due to pay.
However, the convict has not been able to meet this directive.
Ato Essien was convicted in December 2022 on his own plea after striking a deal with the state under section 35 of the Courts Act to avoid a custodial sentence.
He has, however, been having a hard time fulfilling a GH¢90 million debt obligation imposed on him by the court in replacement of the custodial sentence.
According to the agreement, Ato Essien was mandated to pay GH¢90 million by the end of 2023 for which he paid GH¢30 million in December 2022 and was expected to pay the remainder in three equal instalments in 2023.
The first tranche was due for payment by the end of April 2023 failure of which placed him at risk of being handed a jail sentence. But at the end of April, the convict had only paid GH¢6 million out of the GH¢20 million.
The state filed an application to get the court to issue the custodial sentence as the terms of the agreement required that a breach of the payment plan would amount to the imposition of a custodial sentence on him.
The Judge, Justice Eric Kyei Baffour, however, upon a request by the lawyers of the convict deferred the hearing of the application to impose a custodial sentence.
Ato Essien’s lawyers argued that agreements have been reached with a company for the liquidation of some properties belonging to their client to pay for the debt.
But it emerged that Ato Essien only made an additional payment of GH¢2 million. This brings the total amount of the first tranche paid to GH¢8 million with a remainder of GH¢12 million.
This means that out of the GH¢90 million debt, the convict has paid only GH¢38 million leaving a remainder of GH¢52 million.
Credit: Citinewsroom.com
Hot!
Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
Hot!
Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
