By Gifty Amofa, GNA
Accra, March 4, GNA - Michael Nyinaku, former Chief Executive (CEO) of the defunct Beige Bank, accused of stealing, fraudulent breach of trust and money laundering, is billed to call 61 witnesses.
His counsel, Mr Thaddeus Sory, made the announcement at the Economic and Financial Court Two Division of the High Court trying his client.
He told the Court presided over by Justice Mrs Afia Serwaa Asare-Botwe, Justice of Court of Appeal with additional responsibility at the High Court, that for a start, 15 witnesses would be called.
The trial was supposed to have begun on Monday, March 4, 2024, but the accused person’s lawyer said there was a miscommunication thus, he did not know the witnesses should be called on that day, thus, he did not invite any of the witnesses.
The Court therefore gave the Defense counsel up to March 8, 2024, to file the witnesses’ statements, notify the clerks for them to serve prosecution before March 13, 2024, the next adjourned date.
Prosecution had earlier informed the Court that when Beige Bank’s license was revoked in August 2018.A review of the financial and other records of the Bank revealed some suspicious and unusual transactions which were subsequently reported.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 from 2015 to 2018, Nyinaku, the accused person, transferred huge sums of money to companies related to him and for his personal benefit.
The funds transferred were depositors’ funds lodged with Beige Bank from 2017 to 2018 and Nyinaku caused the transfer of 10,071 fixed deposit accounts held with Beige Bank in which various customers placed a total of GH¢448,636,210.21 to Beige Capital Asset Management Limited (BCAM), without the knowledge and consent of these customers.
Prosecution detected that Nyinaku, between 2017 and 2018, transferred 35 fixed deposit investments of 23 customers of Beige Bank totalling GH¢141,042,348.92 to the Beige Group.
The Court heard that in March 2018, Nyinaku caused a fictitious second account to be opened in the name of First Africa Savings and Loans (FASL), an existing account holder with Beige Bank, without the knowledge of the Board and Management of FASL.
Nyinaku, Prosecution said, also transferred GH¢320 million from the accounts of various Beige Bank customers into the bank account of BCAM held with Beige Bank.
Prosecution continued that between 2015 and 2017, Nyinaku, through payment vouchers, caused the sum of GH¢1,465,000.00 of depositors’ funds lodged with Beige Bank to be paid to himself and other persons.
These transactions were recorded in a general ledger account of the bank, described as Directors Account, Prosecution told the Court.
The Court heard that investigations revealed that the accused person, through payment vouchers, e-mails and memos, transferred GH¢20,599,052.58 of depositors’ funds lodged with Beige Bank to a number of companies and individuals for his benefit.
Nyinaku has denied all the charges, and he has been granted GHC200 million bail with three sureties.
GNA