Tuesday, 25 February

Beige Bank CEO granted GHS352m bail

Business
Michael Nyinako

 

An Accra Circuit Court has granted bail to Mr Michael Nyinako, the CEO of the defunct Beige Bank.

He has been charged for stealing and money laundering.

Mr Nyinaku was remanded in police custody for one week after his first bail application three days ago was thrown out by the court.

He fell sick while in police custody and was rushed to the Police Hospital in Accra, the prosecution team told the court on Friday, 17 January 2020.

Justice Essandoh admitted the banker to a bail bond of GHS352 million with two sureties who must earn not less than GHS2,000 as salary.

In August 2018, the Bank of Ghana (BoG) revoked the licences of The Beige Bank Limited and other indigenous banks and put them together as the Consolidated Bank Ghana Limited.

Similarly, Prince Kofi Amoabeng, the founder of the now-defunct UT Bank and Chairman of UT Group of Companies, was also arrested in connection with the collapse of UT Bank.

He was arrested on Tuesday, 14 January 2020 in Accra and sent to the Circuit Court Four.

UT Bank went under on 7 August 2017, after the Bank of Ghana (BoG) declared it insolvent.

 

Source: Classfmonline.com