The Chief Executive Officer of defunct Beige Bank, Mike Nyinaku, has been denied bail after he was put before a court on 14th January, 2020 over the collapse of the bank. Mr. Nyinaku is to be kept in police custody for one week.
Beige Bank was said to have obtained a banking licence falsely. An inventory asset and property report filed by the Receiver to the Bank of Ghana revealed that Beige Bank had total assets of GH₵494 million.
Out of the amount, GH₵282 million, representing 57%, were loans and securities.
According to reports, Beige Bank gave an amount of GH₵274 million, constituting 31% of the loans to related parties. The Receiver said Beige Bank did not adhere to credit administration policies and had inadequacies in recovery efforts.
