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Defunct Beige Bank CEO, Nyinaku Remanded In Police Custody

Source: Tvnewsgh.com

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An Accra Circuit Court on Tuesday 14th January 2020 detained the Chief Executive Officer of defunct Beige Bank, Mike Nyinaku, for misappropriating some GH¢340.94 million belonging to customers.

He was therefore arraigned before court for his involvement in the collapse of the bank and was denied bail.

He has, therefore, been remanded in police custody and is to be there for a week.

This follows the dismissal of a bail application by his lawyers who assured the court he will cooperate with the ongoing trial.

Mr. Nyinaku and 12 subsidiaries were dragged to court by the receiver of the bank, Nii Amanor Dodoo who is seeking to use the court action to help retrieve over GH¢1 billion from the company.

The writ, filed by the receiver accused the former CEO of dereliction of duties and engaging in unlawful activities which led to the massive loss recorded.

It is also seeking the court to hand over custody of landed properties and about 165 cars allegedly procured with funds from the defunct bank.

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The Beige Bank CEO is said to have been responsible for opening an account at the Beige Bank in the name of First African Savings and Loans (FASL) Company without the knowledge of management of FASL.

Mr. Nyinaku is said to have been involved in making a number of unlawful transactions which led to the collapse of the bank.

In August, 2017, the Beige Bank was amongst five banks whose licenses were revoked for breaching the Cash Reserve Requirement of the Bank of Ghana.

Other reliefs being requested by Nii Amanor Dodoo include “an order for a perpetual injunction restraining all the defendants from selling, disposing of and/or dealing with the assets identified by the plaintiffs and any other assets acquired with funds obtained from the second plaintiff (Beige Bank) and “an order directing the defendants to account to plaintiffs all advantages, benefits, gains and profits derived or obtained from or through any transactions with second plaintiff (Beige Bank) funds.”

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