The Prosecution has indicated that the State would call seven witnesses to testify in the trial of the former CEO of defunct Beige Bank, Michael Nyinaku who has been charged with 43 counts of stealing, fraudulent breach of trust and money laundering.
Chief State Attorney Evelyn Keelson informed the Court that the Prosecution has filed all disclosures as ordered by the Presiding Judge, Justice Afia Serwah Asare-Botwe. Mr Nyinaku is currently on a 200 million cedis bail with three sureties, two of which have justified with landed property valued by the Architectural and Engineering Services Limited or the Land Valuation Division.
He has been accused of stealing 1.2 billion cedis belonging to customers of the defunct bank.
Available facts indicate that between 2017 and 2018, the accused person caused the transfer of ten thousand and seventeen fixed deposit accounts with more than 448 million cedis belonging to various customers made to Beige Capital Asset without the knowledge and consent of the customers. The prosecution said the alleged acts were discovered following investigations into the bank after its license was revoked and placed under receivership by the Bank of Ghana.
It was also discovered that between 2017 and 2018 the accused also allegedly caused the transfer of 35 fixed investments of 23 customers of Beige Bank amounting to more than 141 million cedis to Beige Group which is wholly owned by him and also a majority shareholder of Beige Bank.
Mr Nyinaku also allegedly caused a fictitious second account to be opened in the name of First Africa Savings and Loans which is an existing account holder with Beige Bank without the knowledge of the Board and management of the Savings and Loans company.
