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
    Education Minister charges Bolgatanga Tech. Uni. to champion sustainable agriculture innovation
    July 23, 2025
    Ghanaians are not robots sworn to parties – Julius Anthony jabs NPP
    July 23, 2025
    Our friends in NPP are not learning – Julius Anthony fires
    July 23, 2025
    “We’re poor because leadership is not helping” – Solomon Owusu
    July 23, 2025
    We’re losing ideology in politics – Movement for Change Member warns
    July 23, 2025
  • Business
    BusinessShow More
    2025 Mid-Year Budget Review: Economist calls for fiscal discipline and energy sector reforms
    July 23, 2025
    Government to announce bold measures in 2025 Mid-Year budget review on July 24
    July 22, 2025
    2025 Mid-Year Budget must prioritise SMEs and economic resilience – Dr. Philip Takyi
    July 22, 2025
    Veep calls for strong regional collaboration against illicit financial flows
    July 21, 2025
    Dr. Johnson Asiama speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on forex and economic growth
    The Cedi will hold – BoG Governor assures stability
    July 18, 2025
  • Politics
    PoliticsShow More
    Ghanaians are not robots sworn to parties – Julius Anthony jabs NPP
    July 23, 2025
    Our friends in NPP are not learning – Julius Anthony fires
    July 23, 2025
    “We’re poor because leadership is not helping” – Solomon Owusu
    July 23, 2025
    We’re losing ideology in politics – Movement for Change Member warns
    July 23, 2025
    If Mahama fails, we all fail – Solomon Owusu warns politicians
    July 23, 2025
  • Entertainment
    EntertainmentShow More
    The Weeknd & Shakira to headline 2025 Global Citizen Festival with Tyla, Ayra Starr & Mariah The Scientist
    July 22, 2025
    ACP partners MiPrime Entertainment to Champion Investment in Ghana’s Creative Industry
    July 21, 2025
    I want music to be my legacy, not fame – Rocky Dawuni
    July 18, 2025
    The sense to minister with music came early – Rocky Dawuni
    July 18, 2025
    “You can’t be a Black man and worship a white God” – Rocky Dawuni
    July 18, 2025
  • Sports
    SportsShow More
    Kofi Adams hails Black Queens for gallant AFCON semi-final performance
    July 23, 2025
    Black Queens bow out of WAFCON 2024 after 4–2 penalty loss to Morocco
    July 23, 2025
    Sports Minister rallies Black Queens ahead of WAFCON semi-final with Morocco
    July 22, 2025
    Ghana and Serbia forge strategic sports partnership with landmark MoU
    July 22, 2025
    Ghana to host historic Rugby League Tri-Nation Series this November
    July 21, 2025
  • Technology
    TechnologyShow More
    AI integrated skills training needed to escape job losses – NBU YEC
    July 23, 2025
    Samsung Ghana unveils 2025 TV line-up
    July 22, 2025
    Osman Ayariga speaking on youth empowerment and AI at World Youth Skills Day event
    “Youth should not see AI as competition, but as a digital tool” – Osman Ayariga
    July 17, 2025
    Samsung Introduces Future-Ready Mobile Security for Personalized AI Experiences
    July 16, 2025
    Samsung Electronics acquires Xealth, bridging the gap between wellness and medical care
    July 16, 2025
  • International
    InternationalShow More
    Education Minister Haruna Iddrisu signs MoUs with GEICO and CMS Group for new public universities
    Education Minister signs MoUs with GEICO, CMS Group to establish two public universities
    July 15, 2025
    Presidency terminates Zoomlion’s contract over concerns of impropriety and inflated billing
    Mahama pushes AU–CARICOM partnership to strengthen global reparations push
    July 14, 2025
    47th AU Forum: Ablakwa criticizes $1.2m AfCFTA allocation as ‘highly insufficient’
    July 10, 2025
    Minority demands audit over $1.2m passport relaunch cost and delays
    July 9, 2025
    Minority demands compensation for citizens stranded by US embassy closure
    July 9, 2025
  • Factometer
Search
© 2024 EIB Network Ltd. All Rights Reserved.
Reading: Beige Bank case: None of over 10k customers ever rejected investment certificates – 8th Defence 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

Beige Bank case: None of over 10k customers ever rejected investment certificates – 8th Defence Witness

Starrfm.com.gh By Starrfm.com.gh Published June 4, 2024
Share
SHARE

Eighth Defence Witness in the ongoing trial of the founder of the Beige Bank Michael Nyinaku has said: “None of the 10,000 plus customers is on record as having rejected the investment certificate issued to them following the purported unauthorized movement of funds from their account raises significant doubt about the substance of the allegation.”

The Witness also added that allegations that funds were moved from these “customers accounts at the instructions of the accused, without the consent of the affected customers is untrue.”

Former Branch Chief Executive of the UTC and Kwashieman branches albeit periods of the Beige Bank, Seth Adu-Afram, also explained that none of them “is on record as having lodged a complaint at the time the funds were moved from their account raises significant doubt about the substance of the allegation.

The prosecution has claimed that the Chief Executive Officer (CEO) of the defunct Bank, Michael Nyinaku siphoned customers’ funds without their knowledge.

But, Seth Adu-Afram, who like previous Defence Witnesses, said the allegations are “untrue” because as branch executives and relationship officers, they had these customers aligned.

While presenting his Witness Statement as his evidence-in-chief after its adoption to the High Court in Accra presided over by Justice Afia Serwah Asare-Botwe, the Witness, a banker, and a financial analyst by profession, said all the customers were engaged.

Mr. Seth Adu-Afram, currently engaged in General Trading, Food & Catering Services, also told the Court that none of these customers is on record to have rejected the investment certificate issued to them.

“Finally, that none of the 10,000 plus customers is on record as having rejected the investment certificate issued to them following the purported unauthorized movement of funds from their account raises significant doubt about the substance of the allegation.

“It is on these bases that I conclude that the allegation that the funds were moved from customer’s accounts at the instructions of the accused, without the consent of the affected customers is untrue,” he told the Court.

Mr. Nyinaku, the founder and Chief Executive Officer of the defunct bank has been charged for allegedly stealing GH¢2.1 billion of depositors’ money from the bank.

He has since pleaded not guilty to 43 charges including stealing, fraudulent breach of trust, and money laundering, and has been granted bail.

Customers consent

The former BCE, while providing a basis to his assertions told the Court that, to the best of his knowledge and memory, “all of these clients knew that their FDs were with BCAM because as I have noted already, they would have been engaged by their respective ROs (Relationship Officers) about the change in the bank’s interest rates and they would also have signed IFs(investment forms) authorizing the movement of funds from their current accounts to BCAM because – as per standard banking procedures, they are the only ones with the capacity and mandate to authorize such movements.

To buttress his point, he said “I do not recall it ever being mentioned at any of our weekly or monthly business review meetings that customers of UTC or any other branch for that matter did not know where their funds had been placed or that any customers had complained of unauthorized debits to their account.”

It was his case to the Court that, lot of the customers that, “I knew of as being customers of the UTC branch, there were a lot of them that I was still personally managing even after I had been transferred to Kwashieman.”

Justification

For example, he said, “All of these six customers listed in the table above amongst many others that I personally managed, knew that their investments were with BCAM.

“I say this because I dealt with them personally and as has already been confirmed by Mr Julius Ayivor, they all had certificates of investments issued by BCAM which I personally delivered to them,” he stated.

“I also identified over 200 individuals and entities who were customers of the Kwashieman branch which was the branch I was managing up until the bank was put under receivership,” he stated.

The Witness said it is impracticable in banking practice for anyone who is not a signatory to an account to cause funds to be moved from that account.

“As a branch manager of the bank for a period long before it was put under receivership, I am very familiar with the internal processes of the bank as well as the happenings within the bank which includes branch management and banking operations,” he stated.

Find attached the full Witness Statement of the 8th Defence Witness

WITNESS-STATEMENT-OF-SETH-ADU-AFRAM-THE-REPUBLIC-v.-MICHAEL-NYINAKUDownload

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

You Might Also Like

Ghanaians are not robots sworn to parties – Julius Anthony jabs NPP

Our friends in NPP are not learning – Julius Anthony fires

GIADEC secures 6 new bauxite leases pending Parliamentary approval

Lands Minister: We’ll turn Ghana’s water bodies blue and forests green again

Tree for Life Initiative: Over 7.6 million trees planted, 30M target on course

TAGGED:Beige Bank casecourtinvestment certificatesKwashiemanMichael NyinakuSeth Adu-AframWitness
Share This Article
Facebook Twitter Email Print
Share
Previous Article EIB Network journalists inducted to WITNESS’ first cohort of Fortify The Community Truth
Next Article Allow party agents to observe vote transfer exercise – Abass Mohammed to EC

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?