Court to consider Beige Bank CEO bail application Friday

Lawyer of embattled Chief Executive Officer of defunct Beige Bank Mike Nyinaku who has been charged with two counts of stealing and money laundering has made a fast move by repeating their bail application in court today.

The CEO was denied bail after he had pleaded not guilty to the two charges before the Accra Circuit Court presided over by Mr Emmanuel Essandor, now a Justice of the High Court.

He was earlier remanded into prisons custody to reappear on January 22, 2020. The applicant was not present in court but was represented by his lawyers.

Background

Beige Bank was said to have obtained a banking licence falsely.

An inventory asset and property report filed by the Receiver to the Bank of Ghana revealed that Beige Bank had total assets of GH?494 million.

Out of the figure, GH?282 million, representing 57% were loans and securities.

According to the report, the bank gave an amount of GH?274 million, constituting 31% of the loans to related parties.

The Receiver said Beige bank did not adhere to credit administration policies and had inadequacies in recovery efforts.