Mrs Evelyn Keelson, a Chief State Attorney, has disclosed the state would parade seven witnesses in court to testify in the case against the former Chief Executive Officer (CEO) of the Beige Bank Limited, Michael Nyinaku, who has been accused of theft.
In court, Mrs. Evelyn Keelson, a Chief State Attorney told the court presided over by Justice Afia Serwah Asare-Botwe, now a Justice of the Court of Appeal, that they have filed all their necessary disclosures and would be calling seven witnesses in the matter.
The court has since directed the defence lawyers to make frantic efforts and read all the documents filed by the prosecution to enable them to know how much time they would need to cross-examine the witnesses.
Mr. Nyinaku, whose initial GH¢200 million bail conditions have been varied by the Court of Appeal has pleaded not guilty to the alleged GHc1.2 billion theft. The accused person was charged with stealing, fraudulent breach of trust, and money laundering, which he denied in Court.
The accused has since been granted bail to the sum of GHc200 million with three sureties with two of the sureties the court said should be justified with landed property equivalent to the bail bond and the assets should be valued by the Architectural and Engineering Services Limited (AESL) or Land Valuation Division of the Lands Commission.
Brief Facts of the Case
Per the brief facts of the case narrated by Alfred Tuah-Yeboah, Deputy Attorney General, Mr Nyinaku, was the former Chief Executive Officer of the Beige Bank, and on August 1, 2018, the Bank of Ghana (BoG) revoked the banking license of Beige Bank and placed it under receivership.
Mr. Tuah-Yeboah noted that a review of the financial and other records of the Bank conducted by the receiver and his team showed several suspicious and unusual transactions, which were subsequently reported to law enforcement agencies for investigation.
The AG added that investigations conducted revealed that between 2015 and 2018, the accused person as CEO of the Bank had allegedly used various means to transfer huge sums of monies to companies related to him and for his personal benefits.
The Deputy Attorney General, meanwhile, alleged that the funds transferred were depositors’ funds lodged with the Beige Bank and that between 2017 and 2018, Nyinaku had caused the transfer of 10,071.00 fixed deposit account held with Beige Bank in which various customers placed a total of GHC448,636,210.21 to Beige Capital Asset Management Limited, (BCAM), without the knowledge and consent of the customers.
The Attorney General explained that BCAM was a limited liability company wholly owned by the Beige Group Limited (Beige Group), an entity which in turn was wholly owned by the accused person, adding that the accused person between 2017 and 2018 caused the transfer of 35 fixed deposit investments of 23 customers of Beige Bank valued GHC141,042,348.92 to the Beige Group, a Company wholly owned by the accused person and its majority shareholders of Beige Bank.
The prosecutor averred that further investigations revealed that in March 2018, the accused person had caused a “fictitious” second account to be opened in the name of First African Savings and Loans (FASL), an existing account holder with Beige Bank, without the knowledge of the board and management of FASL. The Deputy AG said the accused person then caused the transfer of the sum of GHC320 million from the accounts of various Beige Bank customers into the bank accounts of BCAM held with Beige Bank.
The GHC320 million was subsequently transferred from the BCAM account held with the Beige Bank into the “fictitious” FASL account that had been opened in Beige Bank’s books on the instructions of the accused person allegedly, said the prosecution. The Deputy AG added that between March 2018 and August 2018, GHC 21,123,270.96 out of the GHC320 million was transferred from the “fictitious” FASL bank account to some two individuals and ten companies, nine of which were related to Nyinaku, on his instructions.
Email Transactions
The AG again disclosed that, between 2015 and 2017, the accused person, through the use of payment vouchers, had caused the sum of GHc1,465,000.00 of depositors’ funds lodged with Beige Bank to be paid to himself and other persons.
Mr. Tuah-Yeboah noted that transactions were recorded in a general ledger account of the bank described as a Directors’ account, adding that it came out that the accused person through the use of payment vouchers, emails, and memos, had caused a total of GHC20,599,052.58 of depositors’ funds lodged with Beige Bank to be transferred to a number of a general ledger account of the bank described as shareholders’ account.
The AG also said, between 2016 and 2017, the accused, through the use of payment vouchers, had caused a total amount of GHC141,742,087.70 of depositors’ funds lodged with Beige Bank to be transferred to a number of companies and individuals for his benefits allegedly, it said.
The Deputy AG again indicated that investigations established that the money the accused allegedly dishonestly appropriated from the Beige Bank remained unpaid as of August 1, 2018, when the Bank’s license was revoked by BoG.
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