Defunct Beige Bank CEO Nyinaku Remanded

The Chief Executive Officer of defunct Beige Bank Mike Nyinaku has been denied bail after he was arraigned before the court today over the collapse of the bank.

He is to be kept in police custody for one week.

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 GH₵494 million.

Out of the figure, GH₵282 million, representing 57% were loans and securities.

According to the report, the bank gave an amount of GH₵274 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.

 

Source: starrfm.com.gh