Beige Bank case: I'm not responsible for approving funds, the CEO is - Witness

The former Finance Manager of the defunct Beige Bank, Stephen Duah Agyemang, has denied authorizing fund transfers while he was in charge.

According to a report by The Chronicle on May 9, 2023, Duah Agyeman who is the third witness in the case said he was not responsible for approving funds but reviews cheques and prepares vouchers for payments that have been approved by the former Chief Executive Officer (CEO) of the bank, Michael Nyinaku.

Mr. Duah Agyemang told the court during a cross-examination exercise by Thaddeus Sory; defence counsel for Nyinaku, that once the CEO gave his approval, payment was then authorised by the Finance Department, which he headed.

Mr Duah Agyemang explained that once the CEO approved payments, he was satisfied and did not make any further queries.

The witness said that the former CEO of Beige was responsible for payment of everything, but all such payments start from the preparation of vouchers.

Below are excerpts of the interactions from the cross-examinations:

Prosecution: "You have stated you will identify the various payment vouchers signed off by you with their supporting documents, look through the exhibit A and do the identification to the court.

Witness: "I can identify the ones with my name."

"PW1 and 12 is payment in favour of Kwame Mensah dated on the 9/8/16 and it was signed by me prepared for the payment," he said.

"PW12 is a payment for property in favour of Kwame Mensah Bonsu. I have the contract documents which is also attached to the payment and signature in respect of Kpatsa property at Airport West. That one too, I have email supporting and approving to make payments on 1/4/16.

""Also, PW4 is another one, which has my name signed 3/4/17, that is payment in respect of expansion project TBG, that one too I have supporting documents attached to the voucher," he added.

Prosecution: "Now Mr Duah Agyemang, beyond the three exhibits listed to the court, please go through the entire list and tell the court whether there were other vouchers bearing your signature.

"Yes, there are other vouchers bearing my name and signature," Mr Duah Agyemang answered.

Background:

An Accra High Court granted bail to CEO of defunct Beige Bank, Michael Nyinaku, who is facing some 43 charges of stealing and money laundering.

Appearing in court on Tuesday, November 11, 2022, Mr Nyinaku pleaded not guilty to all the charges filed against him by the Attorney General.

Deputy Attorney General Alfred Tuah Yeboah informed the court that the accused person caused the transfer of a total of GH¢320 million held in fixed deposit accounts with Beige Bank to Beige Capital Asset Management Limited (BCAM) without the knowledge and consent of the customers.

According to the Deputy Attorney General, this was discovered following investigations into the bank after its license was revoked and placed under receivership by the Bank of Ghana.

However, the lawyer for the accused person, Addo Attuah, said the accusations, as outlined by the prosecution, are contrary to the actual state of affairs.

According to the defence, the alleged transactions were simply regular ones which were recorded.

Addo Attuah, therefore, prayed the court to grant his client bail, noting that the accused person has been cooperating with investigators for more than two years.

Justice Afia Asare Botwe, after hearing both arguments, granted the accused person bail in the sum of GH¢200 million with three sureties, two of which must be justified.

The judge further ordered that the valuation of the properties owned by the sureties should be valued by a government valuation body, Land valuation authority and AeSL.

The court ordered that the accused person deposits his passport with the court and report to the prosecutor every Monday and Friday.

Before adjourning the case, Justice Afia Asare Botwe gave the prosecution a December 9 deadline to file disclosures, failure of which the court will discharge the accused person.
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