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Michael Nyinaku: Former Beige bank boss remanded

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A former Managing Director of Beige Bank, Michael Nyinaku, who is being held for stealing and money laundering, has been remanded by an Accra Circuit Court.

Nyinaku, who made his first appearance in court on Tuesday January 20, denied the charges.

He is being held for stealing and laundering close to ¢340.94 million allegedly belonging depositors.

He is expected back in court on Wednesday January 22 before Mr. Emmanuel M. Essandoh, a High Court judge sitting with additional responsibility as a Circuit Court judge.

Remanding Nyinaku, the court observed that the intricacies of the facts presented by the prosecution demanded the assistance of the accused person.

It, therefore, declined bail to the accused person and informed defence counsel to repeat his bail application at the next adjourned date.

Assistant Superintendent of Police (ASP) Emmanuel Nyamekye informed the court that the case was still under investigations and if the court was mindful of granting bail, it should order the accused person to deposit his passport to the court’s registry.

Additionally, Prosecution further prayed the court to order the accused person to be reporting to the Police.

Mr. Baffoe Gyewu Bonsu Eshyia, counsel for the accused held that the accused was not at the risk of fleeing the jurisdiction and has a fixed place of abode.

According to defence counsel his client has pleaded not guilty and he was going to make himself available, adding that since investigations commenced into the matter Nyinaku has been reporting to the Police.

Nyinaku is alleged to have engaged in money laundering and misappropriated GHC 340.9 million through the acquisition of First African Saving and Loans (FASL) by The Beige Group (TBG) a subsidiary entity of Beige Bank in the later part of the year 2017.

The prosecution alleges that after the intention of purchasing the majority shares in FASL, Nyinaku and his cronies then opened an account independent of the directors of FASL and made various withdrawals totaling over GHC 340 million which he transferred to the company’s subsidiaries such as Beige Capital, Beige Care, Beige Assure, Beige Academy, Legacy Pensions, Bidwest Micro Finance, Beige Capital Asset, Adelia limited, DYI Limited among others and individuals such as Nana Afia Evelyn Kyei and Godwin Nordjo.

One Response

  1. Please help. How do I get my money from beige? They were deducting even after the boss was sent to court. They kept taking my money until May this year. All their office contacts are no longer working. Please I need help. Someone please show me how to get my hard earned money. Please this is my email nickira8844@gmail.com .God bless you.

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