In a recent development, Michael Nyinaku, the former Chief Executive (CEO) of the now-defunct Beige Bank, is facing serious allegations of stealing, fraudulent breach of trust, and money laundering. The case, currently being tried at the Economic and Financial Court Two Division of the High Court, has garnered significant attention due to the magnitude of the accusations.
Mr. Thaddeus Sory, counsel for Michael Nyinaku, has revealed that a total of 61 witnesses are expected to be called in defense of his client. This announcement was made during a court session presided over by Justice Mrs. Afia Serwaa Asare-Botwe, a Justice of the Court of Appeal with additional responsibility at the High Court. Initially, 15 witnesses are set to be called at the commencement of the trial.
The trial was scheduled to commence on Monday, March 4, 2024, but a miscommunication led to the absence of the expected witnesses. As a result, the Defense counsel has been given until March 8, 2024, to file the witnesses’ statements and notify the clerks for them to serve prosecution before the next adjourned date on March 13, 2024.
The allegations against Michael Nyinaku stem from the period when Beige Bank's license was revoked in August 2018. Subsequent investigations revealed suspicious and unusual transactions, including the transfer of significant sums of money to companies related to Nyinaku and for his personal benefit. These funds were traced back to depositors’ accounts with Beige Bank, raising serious concerns about breaches of trust and financial impropriety.
Specifically, it was uncovered that Nyinaku caused the transfer of substantial amounts from fixed deposit accounts held with Beige Bank without the knowledge and consent of the customers. Additionally, he allegedly transferred funds to various entities for his personal benefit through fictitious accounts and unauthorized transactions.
In response to these allegations, Nyinaku has vehemently denied all charges. Despite this, he has been granted GHC200 million bail with three sureties as the legal proceedings unfold.
The case against Michael Nyinaku is a stark reminder of the importance of upholding ethical standards and maintaining trust in the financial sector. As the trial progresses, it will be crucial to closely monitor the developments and eventual outcome of this high-profile case.
-source GNA | curated by Aisha Yakubu | Ghana Crimes
