By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Starr FmStarr FmStarr Fm
  • Home
  • Election Hub
  • General
    GeneralShow More
    Torkornoo should have resigned after media engagement – Jantuah
    June 28, 2025
    Name and shame those threatening you — Ellen Daaku advises Torkornoo
    June 28, 2025
    Minority has no legal grounds to demand Mahama, AG response on Torkornoo’s claims – Lawyer Bidema
    June 28, 2025
    You can’t silence her – Ama Daaku slams critics over Torkornoo’s public address
    June 28, 2025
    Zoomlion deploys 200 new trucks to tackle waste management nationwide
    June 28, 2025
  • Business
    BusinessShow More
    Sarsoli Industries returns to K 2025, championing Africa’s role in global plastics innovation
    June 28, 2025
    Bank of Ghana cautions public against 10 unlicensed Money Transfer Organisations
    June 27, 2025
    Chief Of Staff strengthens Ghana–China investment ties
    June 27, 2025
    24-hour economy officially takes off on July 2 – Goosie Tanoh confirms
    June 27, 2025
    Consumer Groups slam PURC over unjustified 2.45% electricity tariff hike
    June 26, 2025
  • Politics
    PoliticsShow More
    Torkornoo should have resigned after media engagement – Jantuah
    June 28, 2025
    Name and shame those threatening you — Ellen Daaku advises Torkornoo
    June 28, 2025
    Minority has no legal grounds to demand Mahama, AG response on Torkornoo’s claims – Lawyer Bidema
    June 28, 2025
    You can’t silence her – Ama Daaku slams critics over Torkornoo’s public address
    June 28, 2025
    Kwasi Kwarteng appointed official spokesperson for Kennedy Agyapong’s flagbearership campaign
    June 28, 2025
  • Entertainment
    EntertainmentShow More
    Akwaboah to release heartfelt single ‘Smile Again feat Nadia Buari
    June 26, 2025
    A Call for Greater Regional Representation in Ghana Music Awards Presentations
    June 25, 2025
    Sparqlyn wins 2025 APLA African Best Ghanaian Musician award in Lagos
    June 24, 2025
    W.E.B. Du Bois Museum Foundation commemorates 40th anniversary of historic Du Bois Centre’s dedication
    June 24, 2025
    Smirnoff In The Mix returns with street edition
    June 24, 2025
  • Sports
    SportsShow More
    EIB Network visits GHALCA ahead of President’s Cup showdown
    June 28, 2025
    Kotoko and Hearts set for epic showdown in 2025 President’s Cup
    June 26, 2025
    Ghana Swimming Association inaugurates LOC for Africa Aquatics Zone 2 Junior and Senior Swimming Championships
    June 26, 2025
    Para Athletics Association of Ghana schedule for nationwide talent identification program
    June 26, 2025
    CAF confirms registration dates and match schedule for 2025/26 interclub competitions
    June 26, 2025
  • Technology
    TechnologyShow More
    GCAA and South Korea sign deal to advance Ghana’s Drone sector
    June 25, 2025
    Onafriq, PAPSS partner to launch cross-border payment services in Ghana 
    June 20, 2025
    Yellow Card, Visa partner to accelerate stablecoin adoption across emerging economies
    June 19, 2025
    Samsung takes Galaxy Z Series to a new era
    June 18, 2025
    AgriTech Challenge Pro showcases potential of the agricultural sector to create jobs for the youth
    May 29, 2025
  • International
    InternationalShow More
    Indian Prime Minister to visit Ghana July 2–3 for bilateral talks
    June 27, 2025
    Starrfm.com.gh
    Former Ambassador to U.S. lied about optional services at Embassy – Ablakwa fires back
    June 26, 2025
    Ghana risks US visa ban over high student overstay rates – Okudzeto Ablakwa
    June 26, 2025
    Save lives, don’t drop bombs – Mahama urges world leaders at Gavi summit
    June 26, 2025
    GCAA and South Korea sign deal to advance Ghana’s Drone sector
    June 25, 2025
  • Factometer
Search
© 2024 EIB Network Ltd. All Rights Reserved.
Reading: CEO of Beige Bank has explained to Receiver transfer of customers funds – Witness
Share
Notification Show More
Font ResizerAa
Starr FmStarr Fm
Font ResizerAa
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Search
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Have an existing account? Sign In
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
BusinessHeadlines

CEO of Beige Bank has explained to Receiver transfer of customers funds – Witness

Starrfm.com.gh By Starrfm.com.gh Published March 15, 2023
Share
Mike Nyinaku, CEO of Beige Group
SHARE

State Witness Julius Ayivor has told the High Court in Accra that Michael Nyinaku, Founder and Chief Executive Officer (CEO) defunct Beige Bank explained the rational behind the transfer of depositors’ funds to the account of a subsidiary company, Beige Capital and Asset Management (BCAM).

The former CEO of defunct Beige Bank Limited has been accused of allegedly siphoning customers funds and is standing trial at the Economic and Financial Crime Division of the High Court in Accra presided over by Justice Afia Serwah AsAre-Botwe, a Justice of the Court of Appeal sitting as an additional High Court judge.

Nyinaku was charged for allegedly stealing GH¢1.21 billion of depositors’ money from the bank and has however pleaded not guilty to 43 charges of stealing, fraudulent breach of trust and money laundering.

Counsel for the accused Thaddeus Sory as part of his cross examination of the witness said there was an agreement between the Beige Bank where customers whose investments came at interest rates above what the bank could sustain were introduced to BCAM which was a fund management company which had the capacity to offer more attractive rates to clients who did not want the low rates being offered by the bank.

This the witness admitted

The counsel again maintained that the Accused had explained to the Receiver, how customers deposits with the bank were transferred to BCAM.

In his answered, the witness agreed adding that, the accused had explained the circumstances leading to the transfers of deposits placed by customers of Beige bank to BCAM, with the knowledge and instructions of the customers.

Me. Ayivor, a Chartered Accountant with the KPMG and a team member of the Receiver, however explained that the statement is not entirely correct because the answer provided by Mr. Nyimaku indicates that yes they (Beige Bank) had an agreement with BCAM, where they will transfer to BCAM deposits that came with a cost that is above the bank’s borrowing rate.

The witness further stated that he (Mr. Nyinaku) did not say they had an agreement with BCAM, where they will transfer customers deposits to BCAM.”

Mr. Sory at this point asked “From your understanding of what the accused (Mr Nyimaku) said, could these deposits come from any other place apart from the bank?”

In his response, the witness indicated that the funds were customers deposits held with the bank and those funds are not the bank’s deposits.

Asked by counsel if his response was in respect of Exhibit AB4, the witness said he (accused) did not state that but that is the fact.

Again asked by counsel to take a look at Exhibit AB4 and tell the court which part of the statement he are referring to, the witness in his response said, it matched what the bank would tell the customer is “we are sorry we can place this investment at that investment rate.”

He added “If the bank so wish it will refer the customer to other entity, the bank wouldn’t take deposit and transfer to another entity owned and controlled by the CEO of the same bank.

The witness added that “If that happens it would siphoning money from the account of that custom to another entity to the benefit of the CEO.

“With all the examples provided when the accounts of the customers were debited the amount of BCAM was credited given BCAM access to those credit.”

He said all those credits were appropriated by BCAM and balance has only over GH¢500,000 and some pesewas from August when the licence was revoked.

Justice Afia Serwah Asare-Botwe, a Justice of the Court of Appeal sitting as an additional High Court judge has adjourned the case to Friday, March 17.

Source: Ghana/Starrfm.com.gh/103.5FM/Murtala Inusah

You Might Also Like

Torkornoo should have resigned after media engagement – Jantuah

Name and shame those threatening you — Ellen Daaku advises Torkornoo

Minority has no legal grounds to demand Mahama, AG response on Torkornoo’s claims – Lawyer Bidema

You can’t silence her – Ama Daaku slams critics over Torkornoo’s public address

Kwasi Kwarteng appointed official spokesperson for Kennedy Agyapong’s flagbearership campaign

TAGGED:Beige Bank
Share This Article
Facebook Twitter Email Print
Share
Previous Article Police arrest one more over disturbance at NDC’s National Youth, Women Congress  
Next Article Ashaiman: Sam George praises Dampare, police professionalism

Starr 103.5FM

Starr FmStarr Fm
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
newsletter icon
Join Us!

Subscribe to our newsletter and never miss our latest in news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?