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CONTENT
ANNIVERSARIES
Independence Day — Fri, 6 Mar 2020
Good Friday — Fri, 10 Apr 2020
Easter Monday — Mon, 13 Apr 2020
Labour Day — Fri, 1 May 2020
DAILY HERITAGE MONDAY, JANUARY 20, 2020
Published by: EIB
Network / Heritage
Communications Ltd.
Managing Editor:
William Asiedu:
0208156974
Acting Editor:
Kweku Gyasi Essel:
0244744973
ISSN: 0855-52307
VOL 7
Location: Meridian
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www.dailyheritage.com.gh
Sick Beige Bank
boss gets bail
BY MUNTALLA INUSAH
muntalla.inusah@dailyheritage.com.gh
THE ACCRA Circuit Court
presided over by Justice Emmanuel
Essandoh, now Justice
of the High Court, has
granted the Chief Executive
Officer of the defunct Beige Bank, Mike
Nyinaku, bail in the sum of GHc352
million.
Apart from that, he is to produce two
sureties who are public servants earning
not less than GHc 2,000.00.
The accused is also to deposit his
passport with the registrar of the court
and notify the court in writing anytime
he needs to travel.
He is also ordered to report to the police
CID twice a week, on Monday and
Friday.
Sickness
Prior to the hearing of the bail application,
the prosecution, led by ASP
Ebenezer Nyamekye, told the court
presided over by Justice Essandoh that
the accused was on admission at the Police
Hospital after he was taken ill.
On January 14, when he was first arraigned
the embattled businessman was
charged with two counts of offence of
stealing and money laundering, which he
denied.
But a bail application advanced by his
lawyer, Baffour Ashia Bonsu, holding
Thaddeus Sory’s brief, was refused on
the ground that the lawyer did not convince
the Court that should his client be
granted bail, he would avail himself to
stand trial.
Charges
The Managing Director of The Beige
Bank, which is in receivership, Michael
Nyinaku, has been charged with two
counts of stealing contrary to section
124 (1) of the Criminal and Other Offences
Act 1969 (Act 29) as amended by
part 4 of ( NLCD) No. 398/69 and
Money Laundering contrary to section
• Mike Nyinaku, Chief Executive Officer of the defunct Beige Bank
1(1)(a) of the Anti-Money Laundering
Act 2008 (Act 749).
“Unknown to the
authorities of FASL, TBG
secretly opened a
second account in the
name of FASL, known
as the control account,
with account number
0381520414122,
which had an
outstanding balance of
GHc 299 Million at the
time TBB went into
receivership. The
account was opened by
Susannah Philips.
Facts of case
Per the brief facts presented to the
court by ASP Ebenezer Nyamekye were
that “The Beige Group (TBG), a subsidiary
entity to the Beige Bank, in the
latter part of the year 2017 had deliberations
with the leadership of First African
Savings and Loans (FASL) to acquire
90% equity shares in the savings and
loans entity. The value of the 90% shares
was USS2.5 million. The discussions led
to the preparation of various documentations
to formalize the purchase
process.”
“TBG eventually paid GHc9million as
part-payment of the equity shares intended
to be purchased. This was captured
in the letter captioned,
‘Re-Capitalization of First African Savings
and Loans Limited,’ written by the
Managing Director of FASL, Hon. Gifty
Affenyi Dadzie (Mrs.) to the Chief Executive
Officer (CEO) of TBG, Michael
Nyinaku. The two (2) companies agreed
that FASL leadership should send a
write-up to Bank of Ghana (BoG), the
regulator, to regularize the agreement.”
The facts sheet further stated that
“TBG deployed Vanessa Akorfa Atsu to
serve as a Responsibility Officer, to
propagate the Beige culture within the
confines of the FASL setup at the Headquarters
of the entity at Circle-Accra.
Some employees of TBG, including
Winfred Kwaku Sefogah, Vivian Amponsah,
Daniel Debrah, and Jasmine Agyemang,
were sent to the Circle Head
Office, Makola, Awoshie, and Kasoa offices
of FASL to work in the interest of
TBG. As was the practice, FASL, being a
subsidiary, was made to open an account
with The Beige Bank (TBB)”.
The account, christened FASL Operational
Account, numbered
038152041412, was opened in November,
2017 and it had Gifty Affenyi
Dadzie, and Kwabena Osei Bonsu, the
General Manager of FASL, as signatories
representing FASL, and Vanessa Akorfa
Atsu and Yvonne Phillips serving as signatories
for TBG. At the time TBG went
into receivership this account contained
about GHc 12 million, which was known
to the MD of FASL Mrs. Gifty Afenyi
Dadzie”.
“Unknown to the authorities of
FASL, TBG secretly opened a second account
in the name of FASL, known as
the control account, with account number
0381520414122, which had an outstanding
balance of GHc 299 Million at
the time TBB went into receivership. The
account was opened by Susannah Philips.
This account had suspects, Vanessa Akorfa
Atsu, Yvonne Phillips, and Yiadom–
Boakye Augustine, all from TBG, as its
signatories though the account was
opened in the name of FASL”.
The account, according to Prosecution,
is said to have had funds close to
GHc 340.94 million in it initially but
some of the monies totalling GHc
21,123,270.96 were transferred to affiliate
entities of TBG and others, including
Beige Capital Ltd, an amount of GH2.2
Million; Beige Care, GHC392,000.00;
Beige Academy, an GHC250,000.00;
Beige Assure, GHC627,000.00; Beventure,
GH@1,740,000.00; Legacy Pensions
GHC427,000.00; Bidvest Micro
Finance, GHc 3,142,270.96; DYI Ltd, an
amount of GHC6 Million; Adelia Ltd,
GHc 1,010.000.00; Albery,
GHC5,240,000.00; Nana Afia Evelyn
Kyei GHc 80,000.00; and Godwin
Nordjo GHCI5,000.00.
• CONTINUE ON PAGE 3