An Accra Circuit Court has granted bail to the founder of the Beige Group, Micheal Nyinaku who is facing charges of stealing and money laundering.
The bail granted by Justice Essandor was in the tune of GHS352 million with two sureties who earn not less than GHS2,000.
Mr. Nyinaku is also to deposit his passport and report to the investigative teams twice in a week.
The new decision follows the denial of bail three days ago by the same judge who explained that he was not convinced at the time by the arguments made by lawyers of the accused person.
Lawyers of Mr. Nyinaku represented by Thadeus Sory filed a new application for bail hence today’s decision.
Meanwhile, the prosecution has told the court that the accused person has been sent the police hospital for treatment after he fell ill yesterday, Thursday.
Why Beige Bank lost its license
The Bank of Ghana of Ghana revoked the license of Beige Bank in 2018.
Beige Bank was said to have obtained a banking licence falsely.
An inventory asset and property report filed by the Receiver, Nii Amanor Dodoo, to the Bank of Ghana revealed that Beige Bank had total assets of GHS494 million.
Out of the figure, GHS282 million, representing 57% were loans and securities.
According to the report, the bank gave an amount of GHS274 million, of the loans to related parties.
The Receiver said Beige bank did not adhere to credit administration policies and had inadequacies in recovery efforts.
Why is Mr. Nyinaku being prosecuted
Mr. Nyinaku is currently facing trial over his alleged role in the collapse of his bank, Beige Bank.
In June 2019, the Receiver, Nii Amanor Dodoo sued Nyinaku together with 12 of his subsidiary companies to a tune of over GHc1.3 billion.
Amanor Dodoo, in his writ, insisted that the defunct bank transferred several millions of Ghana cedis to the said companies ranging between GHc1 million and over GHc100 million.
Reliefs sought by Receiver
The Receiver is among other things praying the court to order Nyinaku and his subsidiaries to refund a total of GHS1, 363,851,590.35, including interest.
“A declaration that the various transactions described in the statement of claim between 2nd plaintiff and defendants are unlawful. An order for 1st defendant to account and refund to plaintiffs for any profits resulting from property transactions with or through 12th defendant, and for a further order rescinding all the transactions entered between 2nd plaintiff and defendants,” Amanor Dodoo added in his writ.
The Receiver also wants “orders of recovery jointly and severally against the defendants” the sum total of GHc1.3 billion.
Amanor Dodoo also wants to take custody of assets “identified in this matter to have been acquired with funds taken from the 2nd plaintiff and traced to be within the possession or control of any of the defendants or any other persons.”
Some of the assets listed by the Receiver included the Beige Village, residential properties at Trasacco, as well as various vehicles of the said companies.
The Receiver also wants to hold, in trust for the defunct Beige bank, “all property, plant and equipment, bank accounts, investments and any other assets belonging to 1st to 13th defendants as at 1st August 2018.”
“An order directing the defendants to return and/or transfer to plaintiffs all the assets identified to have been acquired with the funds taken from 2nd plaintiff, proceeds from the sale of any assets, or any new substituted assets.”
He is also seeking an order of “perpetual injunction restraining all the defendants from selling, disposing off and/or dealing with the assets identified by plaintiffs and any other assets acquired with funds obtained from 2nd plaintiff and an order directing the defendants to account to plaintiff all advantages, benefits, gains and profits, derived or obtained from or through any transaction with 2nd plaintiff’s funds.”