The government has sounded a warning to all those who were involved in the collapse of banks, savings and loans, microfinance and other financial institutions in the country that has caused the nation billions of cedis.

According to Deputy Attorney General, Alfred Tuah Yeboah, the government will not spare anybody found guilty, a situation that has led to thorough investigations of all cases.

Speaking to Joy News after the court granted the Chief Executive officer of the defunct Beige Bank Michael Nyinaku, a bail of 200 million, Alfred Tuah Yeboah said the state will call all persons who inaction or action trigger the collapse of these institutions to answer questions.

“Let me sound this warning to those who were involved in savings and loans, micro finance and other banking institutions. If you were involved, and the state had to cough money to pay your depositors, you will be called upon to answer certain charges”.

“The depositors had to be paid, government has to pay them. We are now in court to prosecute and if possible to recover [all funds lost to the collapse of these banks]. We can only get it back if you take legal action like we did today”.

He admitted that a thorough investigation was needed to be done to unravel those behind the collapse of the financial institutions and further action taken against them.

“You need to do a thorough investigation.  We are talking about figures, it is not something you can conjure. You need experts to go through the books. So we decided to allow some space so we can do thorough checks so we will not face problems in court”.

He explained that “now we are satisfied with all that we are needed to do”.

The Chief Executive Officer of defunct Beige Bank, Michael Nyinaku today pleaded not guilty to multiple charges of stealing and money laundering filed against him by the Attorney General.

A total of 44 charges have been filed, with other offences like fraudulent breach of trust attached as well.

Deputy Attorney General, Alfred Tuah Yeboah told an Accra High Court the alleged crimes were discovered following investigations into the bank after its license was revoked and placed under receivership by the Bank of Ghana.