Music producer recalls how Beige Bank pestered him to sell his house to the company

Legendary music producer Fred Kyei Mensah who is a victim of the June 3 disaster is proud of himself for his ability to resist the temptation to sell his house to Beige Bank at a time he was virtually struggling to survive.

Fredyma, as he is known in the music industry, says he was pestered by officials of the bank and other companies who had heard about his quandary, to sell his house situated at Pokuase to them.

“Some of the companies that came looking to cache on my vulnerability were the telcos, fast food companies, hardware distributors, banks and all facets of the business community. Amongst them who pestered me with cash to leave my property was the BEIGE BANK,” his Facebook post read.

The said post, which was influenced by news of the seizure of the bank’s license and subsequent attempt by the state to prosecute the Chief Executive Officer (CEO) of the now defunct entity, Mike Nyinaku, suggested that Fredyma would have shot himself in the foot should he have let the facility go.

“I was facing one of the most challenging tests in my life since my source of income had been truncated as a result of the 3rd June, 2015 flood and fire disaster at the Kwame Nkrumah Circle.

“They had even arranged for me to meet the CEO who is under investigation now. When it was announced that the bank had gone into serious crisis, I thanked God for not succumbing to their pressure. The agreement was that, they were going to pay me 60% of the value upfront and later 40%. By now, 3nka me ho akyere me paaaa.”

The Bank of Ghana of Ghana in 2018 revoked the license of Beige Bank as it 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 GHc 494 million.

Out of the figure, GHc 282 million, representing 57% were loans and securities. According to the report, the bank gave an amount of GHc 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.

On Friday January 17, 2019, Mr. Nyinaku was granted bail by the Circuit Court in Accra. Presiding judge, Justice Emmanuel Essandoh, in a ruling ordered Nyinaku to deposit his passport with the court registry and also report to the police every Monday and Wednesday.

He was admitted to bail in the sum of Ghc 342 million with two sureties.

While detailing his resistance in the Facebook post titled ‘taking advantage of the vulnerable’, Fredyma sympathized with Nyinaku and other CEOs who are facing the full rigorous of the law.

Below is his full post