Beige Bank CEO remanded in police custody

An Accra Circuit Court has detained the Chief Executive Officer of defunct Beige Bank, Mike Nyinaku, for misappropriating  some GH¢340.94 million belonging to customers. Mr. Nyinaku was arraigned before court for his involvement in the collapse of the bank and was denied bail despite pleas from his counsel. He has, therefore, been remanded in police custody and is to be there for a week. The Beige Bank CEO is said to have been responsible for opening an account at the Beige Bank in the name of First African Savings and Loans (FASL) Company without the knowledge of management of FASL. Mr. Nyinaku is said to have been involved in making a number of unlawful transactions which led to the collapse of the bank. In August, 2017, the Beige Bank was amongst five banks whose licenses were revoked for breaching the Cash Reserve Requirement of the Bank of Ghana. Source: 3news.com|Ghana  ]]>