• Latest
  • Trending
Defunct Beige Bank CEO, Mike Nyinaku remanded

Defunct Beige Bank CEO, Mike Nyinaku remanded

January 14, 2020
Ghanaian sports journalist Joseph Adamafio becomes licensed FIFA football agent

Ghanaian sports journalist Joseph Adamafio becomes licensed FIFA football agent

July 12, 2025
BREAKING: Ewurabena Aubynn declared MP elect of Ablekuma-North constituency

BREAKING: Ewurabena Aubynn declared MP elect of Ablekuma-North constituency

July 11, 2025
President Mahama directs GSA, Finance, and Transport Ministries to resolve freight forwarders’ challenges and restore order at the ports

President Mahama directs GSA, Finance, and Transport Ministries to resolve freight forwarders’ challenges and restore order at the ports

July 11, 2025
I Was Assaulted by NDC Machomen; My Phone Was Taken – Hawa Koomson Alleges

I was assaulted by NDC Machomen; my phone was taken – Hawa Koomson alleges

July 11, 2025
Interior Minister decorates newly promoted Police Officers at National Headquarters

Interior Minister decorates newly promoted Police Officers at National Headquarters

July 11, 2025
The violence were designed to suppress voter turnout and reduce my margin of victory -Nana Akua Afriyie

The violence was designed to suppress voter turnout and reduce my margin of victory -Nana Akua Afriyie

July 11, 2025
DRC and M23 rebels make progressive steps towards peace - Diplomatic Sources confirm

DRC and M23 rebels make progressive steps towards peace – Diplomatic Sources confirm

July 11, 2025
Kintampo South MP Urges swift passage of Startup Act to curb youth emigration

Kintampo South MP Urges swift passage of Startup Act to curb youth emigration

July 11, 2025
Collina Hails Referee Body Cams and New Rules at FIFA Club World Cup 2025

Collina Hails Referee Body Cams and New Rules at FIFA Club World Cup 2025

July 11, 2025
Okaikwei Central MP calls for peace in Ablekuma North election rerun

Okaikwei Central MP calls for peace in Ablekuma North election rerun

July 11, 2025
US eyes Africa as 'dropsite' for deportees - Nigerian gov't says

US eyes Africa as ‘dropsite’ for deportees – Nigerian gov’t says

July 11, 2025
Defence Minister defends police, rejects military deployment amid Ablekuma North rerun chaos

Defence Minister defends police, rejects military deployment amid Ablekuma North rerun chaos

July 11, 2025
Happy Ghana
No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
No Result
View All Result
Happy Ghana
No Result
View All Result
Home Business

Defunct Beige Bank CEO, Mike Nyinaku remanded

in Business
Defunct Beige Bank CEO, Mike Nyinaku remanded

Defunct Beige Bank CEO, Mike Nyinaku remanded

Share on FacebookShare on TwitterShare on Whatsapp

The Chief Executive Officer of defunct Beige Bank, Mike Nyinaku, has been remanded in police custody for one week.

The remand follows the dismissal of a bail application by his lawyers who assured the court that he will cooperate with the ongoing trial.

Though the application was not opposed by the prosecution, the Judge said his decision was based on the fact that the prosecution said investigations were still ongoing.

Government has vowed to take action against all managers and other individuals who played various roles in the collapse of nine local banks in the country that has cost the country millions of cedis in protecting the funds of depositors.

The case

The Founder and Chief Executive Officer (CEO) of the defunct Beige Bank, Michael Nyinaku, and 12 subsidiaries of the Beige Group, were dragged to court by the receiver of the bank, Nii Amanor Dodoo in June 2019, for the alleged roles they played leading to the collapse of the bank.

Nii Dodoo is seeking to use the court action to retrieve more than GH¢1 billion from Nyinaku and his companies.

The writ, filed at the Accra High Court, accuses the former CEO of breaching his duties as a director of the bank and engaging in unlawful activities which led to massive losses at the Beige Bank.

According to the writ, Nyinaku allegedly supervised and unlawfully instructed the payment of hundreds of millions of Ghana cedis to his cronies and subsidiary companies without due diligence.

Apart from the recovery of various sums of money, the receiver also wants to use the suit to take custody of over 10 landed properties and about 165 cars and equipment which he averred were acquired with funds from the defunct bank.

The properties include a residential building at Trasacco, East Legon, and other properties scattered across Accra and Kumasi in the Ashanti Region.

Other reliefs

The plaintiff is further seeking interests on the various sums of money that Nyinaku is allegedly liable for.

Other reliefs include: “An order for a perpetual injunction restraining all the defendants from selling, disposing of and/or dealing with the assets identified by the plaintiffs and any other assets acquired with funds obtained from the second plaintiff (Beige Bank).

“An order directing the defendants to account to plaintiffs all advantages, benefits, gains and profits derived or obtained from or through any transactions with second plaintiff (Beige Bank) funds.”

The writ was filed by counsel for the receiver, Mr Ace Ankomah, on June 20, 2019.

Particulars of alleged breaches

The plaintiff accused Nyinaku of breaching his fiduciary duties as a director of Beige Bank and engaging in various unlawful actions.

Some of the alleged breaches against Nyinaku are hiding behind the corporate veil of Beige Bank to “illegally gain access and siphon the funds of Beige Bank for his personal benefit” and failure to exercise due diligence in the approval of loans.

Others include “conflict of duty and conflict of interest by failing or refusing to disclose his interest in the other 12 subsidiaries, refusal to obtain approval from the board of directors in advancing loans to those subsidiaries.

“Failure to act as a faithful, diligent and careful director in transactions for or on behalf of Beige Bank, resulting in the bank going into receivership”.

Revocation of licence

In August 2018, the Bank of Ghana (BoG) revoked the licences of Beige Bank Limited and four other indigenous banks and put them together as the Consolidated Bank Ghana Limited.

The four other banks were uniBank Ghana Limited, Royal Bank Limited, Sovereign Bank Limited and Construction Bank Limited.

The BoG explained that the Beige Bank “persistently breached the cash reserve requirement (CRR) of 10 per cent (CRR as of 23 July, 2018 was 1.97%) since the beginning of January 2018”.

It further said the quality of the bank’s loan portfolio had seriously deteriorated, resulting in a non-performing loans (NPL) ratio of 72.80 per cent.

“The bank’s Capital Adequacy Ratio (CAR) was assessed to be negative 17.18 per cent, as against the regulatory minimum of 10 per cent, thereby recording a capital deficit of GH¢159,162,557.64 and rendering the bank insolvent,” it added.

Tags: Mike Nyinaku

Subscribe to receive notification everytime a new post is published. We promise to be discrete.

Unsubscribe
Previous Post

Central Region: 34 dead, several others injured in road crash

Next Post

Kofi Amoabeng arrested; charged with stealing, money laundering

Next Post
Kofi Amoabeng arrested

Kofi Amoabeng arrested; charged with stealing, money laundering

Search

No Result
View All Result

Listen Live

BBC Match of the Day Africa

Happy Ghana

Recent News

  • Ghanaian sports journalist Joseph Adamafio becomes licensed FIFA football agent
  • BREAKING: Ewurabena Aubynn declared MP elect of Ablekuma-North constituency
  • President Mahama directs GSA, Finance, and Transport Ministries to resolve freight forwarders’ challenges and restore order at the ports
  • About
  • advertise
  • Privacy Policy
  • Contact Us

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.

No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.