Audio By Carbonatix
Lawyers for Michael Nyinaku, a former Managing Director of Beige Bank, who is being held for stealing and money laundering, have filed a motion for bail at an Accra Circuit Court.
The lawyers led by Mr Thaddeus Sory proceeded to the Circuit Court to have their bail application heard after the court yesterday remanded Nyinaku into lawful custody.
The Court presided over by Justice Emmanuel M. Essandoh, a High Court judge sitting with additional responsibility as a Circuit Court judge however indicated that the bail application was not on the case docket.
According to the Judge, the matter was also not listed for hearing today.
Mr Sory drew that attention of the court to the fact that there was no objection from prosecution yesterday especially when the accused person was on Police enquiry bail.
He said on the minimum, the accused should have been granted bail.
The court, therefore, asked defence counsel to go and come back on Friday because the motion for bail was not on the case docket.
Nyinaku was remanded by the Circuit Court after pleading not guilty to stealing and laundering close to GH¢340.94 million allegedly belonging depositors.
He is expected back in court on January 22 before the same circuit court.
Remanding Nyinaku, the court observed that the intricacies of the facts presented by the prosecution demanded the assistance of the accused person.
It, therefore, declined bail to the accused and informed defence counsel to repeat his bail application at the next adjourned date.
Assistant Superintendent of Police (ASP) Emmanuel Nyamekye informed the court that the case was still under investigations and if the court was mindful of granting bail, it should order the accused person to deposit his passport to the court’s registry.
Additionally, Prosecution further prayed the court to order the accused person to be reporting to the Police regularly.
Baffoe Gyewu Bonsu Eshyia, who held brief of Mr Sory as counsel for the accused contended that the accused was not at the risk of fleeing the jurisdiction and has a fixed place of abode.
According to defence counsel, his client has pleaded not guilty and he was going to make himself available, adding that since investigations commenced into the matter Nyinaku has been reporting to the Police.
Nyinaku is alleged to have engaged in money laundering and misappropriated GHC 340.9 million through the acquisition of First African Saving and Loans (FASL) by The Beige Group (TBG) a subsidiary entity of Beige Bank in the latter part of the year 2017.
The prosecution alleges that after the intention of purchasing the majority shares in FASL, Nyinaku and his cronies then opened an account independent of the directors of FASL and made various withdrawals totalling over GHC 340 million which he transferred to the company’s subsidiaries such as Beige Capital, Beige Care, Beige Assure, Beige Academy, Legacy Pensions, Bidwest Micro Finance, Beige Capital Asset, Adelia limited, DYI Limited among others and individuals such as Nana Afia Evelyn Kyei and Godwin Nordjo.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Ghana shines in GSMA DNSI and DPRI 2025 report due to E-Levy repeal and tech neutrality
37 minutes -
NJA College of Education inducts 379 students amidst infrastructure gains and calls for professional discipline
38 minutes -
GJA President, executives join Sammy Gyamfi to observe One-Week memorial of father-in-law
48 minutes -
FDA bans mixed alcoholic energy drinks: VAST-Ghana demands ‘Name and Shame’ list for public safety
57 minutes -
Police probe deaths of teacher and farmer in Assin Fosu
1 hour -
Gov’t reaffirms commitment to safeguard Ghana’s energy supply amid Middle East crisis
1 hour -
What is wrong with us? When containers become our urban plan
2 hours -
Afenyo-Markin referred to Privileges Committee over security recruitment allegations
2 hours -
President Mahama backs private sector push to expand Ghana Wheat Initiative to cut imports
2 hours -
Ghana to declare 21 communities Marine Protected Areas, starting with Cape 3 Points
2 hours -
Women of Valour: I had to save myself from abusive marriage – Diana Hopeson
2 hours -
Women of Valour 2026 Conference sells out ahead of London event
2 hours -
ECG assures the public of meter accuracy amid billing concerns
3 hours -
BBNJ Has Finally Arrived: What next for the world’s oceans?
3 hours -
Low turnout in Ayawaso East by-election won’t change outcome – Mussa Dankwah
3 hours
