Beige Bank
Frederick Frimpong, the former Procurement Officer of the now-defunct Beige Bank, testified that logistics remained stocked in the Beige Group's (TBG) warehouse at the time of receivership.
Frimpong, serving as the 12th defense witness in the trial of Michael Nyinaku, the former Chief Executive Officer (CEO) of Beige Bank, presented this information during his evidence-in-chief at the High Court.
The proceedings were overseen by Afia Serwaa Asare-Botwe, a Court of Appeal Judge with additional responsibilities at the High Court.
As a procurement officer, Frimpong explained that his department was tasked with acquiring logistics or equipment necessary for the expansion of branches, coinciding with TBG's transition to a Universal Bank, namely the Beige Bank (TBB).
He stated that the finance department of TBG provided the funds required to upgrade existing branches and outfit new offices established after the Beige Capital Savings and Loans (BCSL) received its license.
According to Frimpong, his department facilitated the supply of office furniture, air conditioners, generator sets, and other items to various branches.
He listed branches including Asylum Down, Abinkyi, Bawku, Bolga, Wa, Nima, Atomic, Anyaa, Madina Zongo Junction, Airport West, Kasoa K5, Adabraka, and Osu.
In support of his testimony, Frimpong presented sample vouchers to the court, demonstrating that between February 13, 2017, and July 30, 2018, his department purchased generator sets for the bank, with face values ranging from GH¢12,320.00 to GH¢539,885.23.
Additionally, he showcased vouchers for payments for office furniture, dated between May 29, 2017, and May 9, 2018, with amounts varying from GH¢19,740.00 to GH¢78,510.68.
Furthermore, Frimpong submitted vouchers totaling GH¢232,801.16, which indicated the purchase of air conditioners and office equipment for TBB branches.
He informed the court that some of these items were still in the group's warehouse when the bank collapsed.
Nyinaku is currently on trial for alleged theft, money laundering, and fraudulent breach of trust.
He has pleaded not guilty to all charges and has been released on bail pending the outcome of the trial.
