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Former Beige Bank CEO Mike Nyinaku granted bail

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An Accra Circuit Court has granted bail to the former Chief Executive of Defunct Beige Bank, Michael Nyinaku, after a repeat bail application by his lawyers.

The bail conditions were set at 352 million Ghana Cedis with two sureties who are public servants earning not less than two thousand Ghana Cedis a month.

The accused person is to submit his passport to the Registrar of the Court and also report himself to the Police twice a week.

The embattled businessman was first arraigned before the court on the 14th of this month where his charges were read to him.

He pleaded not guilty to both counts of Stealing and Money Laundering.

However, Bail application by his lawyer was refused on grounds that the lawyer did not convince the Court that should his client be granted bail, he will avail himself to stand trial.

His application for bail moved by his lawyer, Thaddeus Sory, was however accepted by the court yesterday.

Mr Sory in his bail application revealed that Nyinaku had fallen ill and was on admission at the Police Hospital.

This was corroborated by the prosecutor, Assistant Superintendent of Police (ASP) Emmanuel Nyamekye.

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