Beige Bank

Beige Bank Disobeyed Bank Of Ghana – Prosecution
17 Apr

Beige Bank Disobeyed Bank Of Ghana – Prosecution

wontumionlineBusiness,
The Chief State Attorney (CSA), the prosecution in the ongoing trial of the former Chief Executive Officer (CEO) of the defunct Beige-Bank, has challenged Mr Hafisdeen M. Dawda, former Chief Financial Officer of the Bank’s defense witness. Mrs Evelyn Keelson, during cross-examination, said Beige Bank was afraid that writing off its investments would expose the true state of the Bank due to the depletion of investments. “As of July 2018, the BoG directed you to write off the investment. You knew you had lost the value of those investments, yet you sought to deceive BoG by giving a false picture…
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Beige Bank Trial: Almost All Companies That Received Over GH¢21.12m Belongs To Nyinaku — Investigator
08 Aug

Beige Bank Trial: Almost All Companies That Received Over GH¢21.12m Belongs To Nyinaku — Investigator

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Assistant Superintendent of Police Joseph Abednego Atsha, the investigator in the trial of Michael Nyinaku, CEO of defunct Beige Bank says nine out of the 10 companies that ₵21,123,270 was transferred to were owned by the accused person. He said investigations revealed that the transfer was made to two other individuals. The witness said the amounts transferred by the accused to the nine companies are as follows: Alberry-GH₵5,240,000, DYI Limited -GH₵6,000,000, Legacy Pensions Trust-GH₵427,000, and Adelia Limited-GH₵1,010,000. The rest are Beige Acadamy-GH₵250,000, Beige Assur-GH₵627,000, Be Venture Ltd -GH₵1,740,000, Beige Care-GH₵392,000, and Beige Capital Limited-GH₵2,200,000. ASP Atsha, who is the fifth…
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Beige Group Acquired 90% Of The Shares Of FASL – Defence Lawyers Grill 4th State Witness
23 Jun

Beige Group Acquired 90% Of The Shares Of FASL – Defence Lawyers Grill 4th State Witness

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Former General Manager (GM) of First Africa Savings and Loans Limited (FASL) Kwabena Osei Bonsu (Rtrd) has been put to scrutiny over claims that he did not know Beige Bank had acquired 90% shares of FASL. Mr Osei-Bonsu is the fourth Prosecution Witness in the case in which Michael Nyineku, the founder of the defunct Beige Bank is standing trial for allegedly siphoning customers' funds. Michael Nyineku, the founder and Chief Executive Officer of the defunct bank, has been accused of allegedly siphoning customers' funds and has been charged for stealing GH¢2.1 billion of depositors’ money from the bank. He…
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Beige Bank Case: Witness Accuses Former CEO Of Making Bank His ‘Cash Cow’
12 Apr

Beige Bank Case: Witness Accuses Former CEO Of Making Bank His ‘Cash Cow’

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The first prosecution witness in the criminal case against the former Chief Executive Officer (CEO) and owner of the defunct Beige Bank, Mike Nyinaku, has alleged that the bank was turned into a ‘cash cow for the accused where customer funds were siphoned at his will. Julius Ayivor, a chartered accountant said the withdrawals were done at the beck and call of Nyinaku himself and his many companies, including The Beige Group Limited. The proceedings of the High Court held at the last sitting on April 3 was largely centred on one of the prosecution’s case involving a total of…
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Beige Bank Case: More Evidence Shown To Prove Transactions To Beige Group Had Customers Consent
06 Apr

Beige Bank Case: More Evidence Shown To Prove Transactions To Beige Group Had Customers Consent

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First prosecution witness in the case in which the founder and Chief Executive Officer (CEO) of the defunct Beige Bank, Michael Nyinaku is standing trial has been discharged after he was yet again confronted by defence lawyers with evidence to show that all transactions happened with the consent of customers. It was the case of defence lawyers led by Thaddeus Sory that, Julius Ayivor’s own documents to the court will show that the transfer of customers funds from Beige Bank to Beige Group, a company owned by the accused, had the blessings of those customers. This was in response to…
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Former Beige Bank CEO Accused Of Investing Clients Funds Without Their Knowledge
23 Mar

Former Beige Bank CEO Accused Of Investing Clients Funds Without Their Knowledge

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The High Court hearing the criminal case against former CEO and owner of Beige Bank, Mike Nyinaku, has been told by the First Prosecution Witness that Mike Nyinaku supervised the issuance of misleading investment certificates to unsuspecting customers who believed they were investing with the Bank. Unknown to the customers, Mike Nyinaku instructed monies the customers had placed with Beige Bank to be siphoned out to a sister company, Beige Capital Asset Management, which is also owned by Mike Nyinaku. The trial was, on Monday 20th March 2023, adjourned to Monday, 27th March 2023 for a continuation of the cross-examination…
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Beige Bank Case: Receiver Accused Of Double Payments With Government Bailout Package
20 Mar

Beige Bank Case: Receiver Accused Of Double Payments With Government Bailout Package

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The Receiver of Beige Bank has been accused of making double payments to customers whose funds were allegedly siphoned which has resulted in the founder and the Chief Executive Officer (CEO) of the defunct bank being dragged to court. Michael Nyinaku, has been accused of allegedly siphoning customers' funds and has been charged with stealing GH¢2.1 billion of depositors’ money from the bank. He has pleaded not guilty to 43 charges including stealing, fraudulent breach of trust, and money laundering, and has been granted bail. The prosecution through its First Witness, Julius Ayivor, a Chartered Accountant with the KPMG and…
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Defunct Beige Bank CEO Michael Nyinaku Pleads Not Guilty To Stealing ¢1.2bn, Granted ¢200m Bail
08 Nov

Defunct Beige Bank CEO Michael Nyinaku Pleads Not Guilty To Stealing ¢1.2bn, Granted ¢200m Bail

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CEO of defunct Beige Bank Michael Nyinaku has pleaded not guilty to multiple charges of stealing and money laundering filed against him by the Attorney General. A total of 44 charges have been filed with other offences like fraudulent breach of trust attached as well. Deputy Attorney General Alfred Tuah Yeboah told an Accra High Court the alleged crimes were discovered following investigations into the bank after its license was revoked and placed under receivership by the Bank of Ghana. He said that between 2017 and 2018, the accused person caused the transfer of monies held in fixed deposit accounts…
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Defunct Beige Bank CEO Accused Of Stealing ¢2.1bn; Faces 44 Charges
07 Nov

Defunct Beige Bank CEO Accused Of Stealing ¢2.1bn; Faces 44 Charges

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The former Chief Executive Officer of defunct Beige Bank, Michael Nyinaku has been accused of stealing over ¢2.1 billion that belonged to the customers of the bank. The Charge Sheet filed in the Court by the Attorney General and seen by Joy Business said the acts were discovered following investigations into the bank after its licensed was revoked and placed under receivership by the Bank of Ghana. The writ said between 2017 and 2018, the accused person caused the transfer of 10,071 fixed deposit accounts held with Beige Bank in which various customers placed a total of ¢448,636,210.21 to Beige…
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