Beige Bank case: 9th Witness submits evidence of expenditure to confirm projects undertaken to transition BCSL into universal bank

Obed Gyasi Appiah-Kubi, the former Project Supervisor of The Beige Group, has submitted payment vouchers evidencing expenditures incurred in transitioning Beige Capital Savings and Loans (BCSL) into a universal bank.

To support his claim that these projects indeed took place, he presented samples of paid vouchers to substantiate his assertions.

"I have provided and attached to my current statement a sample of payment vouchers serving as evidence of disbursements made for the refurbishment work done on the offices of BCSL, which existed before its transition into universal banking," the 9th defence witness told the Court.

The former Project Supervisor also informed the court that the bank undertook numerous branch expansion projects prior to becoming a universal bank.

According to him, the projects involved refurbishing all the previously existing branches to reflect the institution's newly acquired status and constructing completely new offices.

"As part of the preparations for the transition of BCSL into universal banking, the bank undertook many branch expansion projects across the country.

"It was also his assertion that Beige Capital Savings & Loans carried out numerous branch expansion projects as part of its transition to becoming The BEIGE Bank," he stated.

He informed the Court that these projects involved refurbishing all the previously existing branches to reflect the institution's newly acquired status and constructing completely new offices.

"I know that Beige Capital Savings & Loans carried out numerous branch expansion projects as part of its transition to becoming The BEIGE Bank," he told Justice Afia Serwah Asare-Botwe on Wednesday, June 5, 2024.

The witness also mentioned, "The project involved refurbishing existing BCSL branches before BCSL obtained the universal banking license."

Additionally, he noted that "new offices were constructed for use by BCSL, which had transitioned into TBB."

"I can confirm that these projects were completed through collaboration between several TBG departments and the bank itself.

"I was part of the projects department at TBG, responsible for preparing the offices for occupation before any interior and exterior setup work could begin.

"I can confirm that funding for the activities undertaken by my department came from the finance office of TBG," Mr. Appiah-Kubi told the Court.

He also confirmed to the Court that "the payment vouchers attached to my current statement represent a sample of many such payment vouchers evidencing payments made for several projects supervised by my department concerning existing branches of BCSL that had to be refurbished to meet the standards expected for universal banking operations."

The Witness further asserted that "the expenditure report submitted by my department, along with its related attachments, indeed accounted for the expenditures of funds received from TBG to be utilized in executing my department's scope of work within the projects executed on behalf of the bank."

He testified again that, at the time the bank was placed under receivership, "there were still many projects ongoing for the bank at various locations throughout the country."

Mr. Nyinaku, the founder and Chief Executive Officer of the defunct bank, has been charged with allegedly stealing GH¢2.1 billion of depositors' money from the bank.

He has since pleaded not guilty to 43 charges, including stealing, fraudulent breach of trust, and money laundering, and has been granted bail.

Find attached full Witness Statement of DW 9