The Financial and Economic Court 2 of the Accra High Court has awarded Mr. Michael Nyinaku, the founder and CEO of the now-defunct Beige Capital Bank, a GHS200 million bail.
Today, Tuesday, November 8, 2022, Mr. Nyinaku came before the Accra High Court and entered a not guilty plea to all charges.
He was previously charged with stealing more than GHS340 million in a circuit court, and now he faces further counts of theft and money laundering.
Afia Serwaa Asare Botwe, the presiding judge, approved a bail application with three sureties, two of which had to be supported by landed property appraised by either a land valuation division of the lands commission or by a government valuation authority.
Additionally, he must surrender his passport to the court registry and appear in person at the police station every Monday and Friday.
According to the facts of the new case before the High Court, several suspicious and anomalous transactions were discovered in the Bank’s financial and other documents after its license was withdrawn in August 2018 and were later reported.
According to investigations, Mr. Nyinaku allegedly transferred enormous quantities of money to firms affiliated with him between 2015 and 2018 for his own gain.
December 22 has been set aside for the case.