The Economic and Financial Court 2 Division of the High Court has granted a GH¢200 million bail to the Chief Executive Officer of defunct Beige Capital, Michael Nyinaku.
Mr. Nyinaku is also to deposit his passport at the Court’s registry.
The Court additionally ordered him to present two sureties, each to be justified with documents of landed property worth the bail bond.
The valuation of the property is to be done by the Valuation Division of the Architecture And Engineering Services Limited (AESL), Her Ladyship Afia Serwaa Asare Botchwey said.
The businessman is facing 43 counts of criminal charges; stealing, fraudulent breach of trust and money laundering.
These follow the revocation of the license of Beige Bank in August 2018.
According to facts presented before the Court, the receiver’s review of the Bank’s financials following the revocation “identified a number of suspicious and unusual transactions”.
The transactions were subsequently investigated, and it was found that Mr. Nyinaku transferred, for personal benefit, huge sums of depositors’ funds to companies related to him between 2015 and 2018.
These included the transfer of over GHS 448 million in fixed deposit accounts to Beige Capital Asset Management Limited, over GHS 141 million in fixed deposit investments to Beige Group, and, a transfer of GHS 320 million in March 2018 to a fictitious account in First Africa Savings and Loans which was subsequently transferred to Beige Capital Asset Management Limited.
These, and other transactions, happened without the knowledge of the respective customers, management and shareholders.
Mr. Nyinaku is to report to the case investigator on Mondays and Fridays.
With a Case Management Conference scheduled for December 22, all disclosures are to be filed by December 9 at 12 noon.
Meanwhile, a Deputy Attorney General and Minster for Justice Alfred Tuah Yeboah told Journalists after the Court hearing that the case has been thoroughly worked to arrive at these charges.
He maintained that it is only through these actions that the State can recoup the monies expended in the banking sector clean-up exercise.