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General News of Friday, 17 January 2020


Beige Bank founder Nyinaku admitted at Police Hospital

The embattled Chief Executive Officer of defunct Beige Bank Mike Nyinaku has been admitted at the Police Hospital in Accra after he fell ill Thursday, police prosecutors have told the court.

Mr. Nyinaku is being prosecuted by the state over his role in the collapse of the bank. He was denied bail after he was arraigned on Monday.

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 GHC494 million.

Out of the figure, GHC282 million, representing 57% were loans and securities.

According to the report, the bank gave an amount of GHC274 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.