Defunct Beige Bank CEO Michael Nyinaku in Police Custody

Chief Executive of the Beige Bank, Michael Nyinaku

Accra, Ghana, January 14, 2020//-An Accra Circuit Court on Tuesday remanded the Chief Executive of the Beige Bank, Michael Nyinaku, in police custody.

Lawyers for the Beige Bank founder in applying for bail had made a strong case for the banker to be released but the presiding judge was not convinced.

He will spend a week in police cells.

Nyinaku was summoned to appear before the court on Tuesday.

The defunct Beige Bank, Nyinaku, and 12 subsidiaries of the Beige Group were dragged to court in June last year by the receiver of the bank, Nii Amanor Dodoo, for the alleged roles they played leading to the collapse of the bank.

Nii Dodoo was seeking to use the court action to retrieve more than GH¢1 billion from Nyinaku and his companies.

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