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Court grants CEO of defunct Beige Capital ₵200m bail

November 8, 2022 2:40 PM

The founder and CEO of defunct Beige Capital Bank, Mr. Michael Nyinaku, has been granted a GHS200-million bail by the Financial and Economic Court 2 of the Accra High Court.

Defunct BEIGE Bank’s CEO, Michael Nyinaku granted GH¢200m bail

He is also to deposit his passport at the Court’s registry and present two sureties, each to be justified with documents of landed property worth the bail bond.

Mr. Nyinaku appeared before the Accra High Court today, Tuesday, 8 November 2022, and pleaded not guilty to all counts.

He has been slapped with new charges of theft and money laundering after he was earlier accused of stealing over GHS340 million at a circuit court.

Her Ladyship Afia Serwaa Asare Botchwey granted the bail application.

Mr. Nyinaku has also been ordered to report to the Police every Monday and Friday.

The facts of the new case at the High Court indicate that when Beige Bank’s license was revoked in August 2018, a review of the financial and other records of the Bank revealed some suspicious and unusual transactions which were subsequently reported.

Investigations revealed that between 2015 and 2018, Mr. Nyinaku allegedly transferred huge sums of money to companies related to him and for his personal benefit.

The case has been adjourned to December 22.