Founder and CEO of the defunct Beige Bank, Michael Nyinaku, is expected back in court today, January 11, 2023, as the court is set to conclude the Case Management Conference.
The case management conference would help narrow down the issues such that the parties involved would agree on the specific issues to set the grounds for hearing.
A case management conference, in this case, began on December 22, 2022, after Nyinaku was granted bail in the sum of GHC200 million by the Financial and Economic Court of the Accra High Court.
Nyinaku pleaded not guilty to all counts when he appeared before the Accra High Court on Monday, November 08, 2022.
Background
Mike Nyinaku has been slapped with new charges of theft, money laundering after he was earlier accused of stealing over GH¢340 million at a circuit court.
The facts of the new case at the High Court indicated that when Beige Bank’s licence was revoked in August 2018, a review of the financial and other records of the Bank revealed some suspicious and unusual transactions which were subsequently reported.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 between 2015 and 2018, Nyinaku allegedly used various means to transfer huge sums of money to companies related to him and for his personal benefit.
The funds transferred were depositors’ funds lodged with Beige Bank, the investigators claimed.
Between 2017 and 2018, 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.
Investigations also revealed that Mr Nyinaku, between the years 2017 and 2018, caused the transfer of 35 fixed deposit investments of 23 customers of Beige Bank totalling GH¢141,042,348.92 to the Beige Group.
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Investigations further revealed that, sometime in March 2018, Mr 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.