Defunct Beige Bank CEO acquitted and discharged
By DL news
Published
2 min read
Michael Nyinaku, former CEO of Beige Bank, has been acquitted by the Court of Appeal after facing 44 charges, including theft and money laundering.
The Court of Appeal has acquitted and discharged Michael Nyinaku, the former Chief Executive Officer of the now-defunct Beige Bank, of all criminal charges filed against him. The decision was delivered on Thursday by a three-member panel chaired by Justice Emmanuel Ankamah, with Justices Dr. Ernest Owusu Dapaah and Kofi Akrowiah also sitting.
Mr. Nyinaku had been standing trial on 44 counts, including money laundering, stealing, and fraudulent breach of trust. The charges stemmed from a case filed by the Attorney General’s Office on November 2. He was initially expected to appear before the Financial and Economic Crime Division of the High Court in Accra to answer to the allegations.
According to the suit signed by Yvonne Atakora Obuobisa, Director of Public Prosecution, the alleged offences were uncovered after the Bank of Ghana revoked Beige Bank’s licence on August 1, 2018, and placed the bank into receivership. A review of the bank’s financial records by the Receiver revealed a number of transactions deemed unusual and suspicious.
Prosecutors alleged that between 2015 and 2018, Mr. Nyinaku transferred large sums of money from Beige Bank to companies connected to him, using depositor funds for personal gain. The case outlined several specific transactions, including the transfer of over 10,000 fixed deposit accounts worth GH¢448.6 million to Beige Capital Asset Management Limited (BCAM), a firm wholly owned by The Beige Group, itself owned by the accused.
The suit further claimed that 35 fixed deposit investments from 23 customers, amounting to GH¢141 million, were moved to The Beige Group. In March 2018, Mr. Nyinaku allegedly authorised the creation of a fictitious account in the name of First Africa Savings and Loans (FASL), through which GH¢320 million was transferred from customer accounts to BCAM and then into the FASL account.
Out of that amount, GH¢21.1 million was reportedly transferred to 10 companies and two individuals, nine of whom were related to the accused. Additional transfers totalling more than GH¢280 million were recorded in the bank’s ledgers under account titles such as “Directors Account,” “Shareholders Account,” “Prepayment Project Works account,” and “Beige Group Accounts.” These amounts were allegedly disbursed to companies and persons for Mr. Nyinaku’s benefit.
Despite the extensive list of allegations, the Court of Appeal found no grounds to convict the accused on any of the charges and acquitted him accordingly. Further details on the basis of the acquittal have not yet been made public.
