Michael Nyinaku Archives - Wontumi Online

03 Aug

Beige Bank Trial: GH¢21,123,270 Was Transferred To 10 Companies And Two Individuals – Investigator

wontumionlineBusinessBeige Bank trial, Michael Nyinaku

Assistant Superintendent of Police (ASP) Joseph Abednego Atsha, the investigator in the trial of Michael Nyinaku, CEO of defunct Beige Bank said investigations revealed that total of GH¢21,123,270 out of the GH¢320million was transferred to 10 companies and two individuals. ASP Atsha, who is the fifth Prosecution Witnesses had earlier testified that his investigations revealed that a total of GH¢320milion was transferred from the account of various customers of Beige Bank into the account of BCAM and subsequently transferred into the suspicious First Africa Savings and Loans (FASL) account on the instructions of the Nyinaku. In a further cross-examination by…

19 Jul

Beige Bank Saga: I’m Not Aware Of Beige Group, First Africa Group Agreement – Investigator To Court

wontumionlineNewsBeige Bank saga, Michael Nyinaku

It has emerged at the Financial and Economic Division of the High Court in Accra that, the Investigator in the case in which the founder of defunct Beige Bank is standing trial is not aware of details of a Share Purchase agreement between the Beige Group and First Africa Group (FAG) for Beige Group to take control of First Africa Savings and Loans (FASL) FAG is the mother body of FASL that had an agreement with Beige Group for the acquisition of FASL by BEIGE Group. However, despite having been assigned the responsibility of investigating the matter, Assistant Superintendent of…

12 Apr

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

wontumionlineBusinessBeige Bank, Beige Bank case, Michael Nyinaku

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…

06 Apr

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

wontumionlineBusinessBeige Bank, Michael Nyinaku

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…

08 Nov

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

wontumionlineBusinessBeige Bank, Michael Nyinaku

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…

07 Nov

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

wontumionlineBusinessBeige Bank, Michael Nyinaku

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…