High Court directs witness in Beige trial to submit customers data
The Accra High Court trying the former Chief Executive Officer (CEO) of the defunct Beige Bank has directed a witness to submit the relevant data on customers as his evidence.
The softcopy data on 10,000 customers should be provided by Friday, February 17, 2023.
This was per a request made through a cross-examination by Mr Thaddeus Sory, the Defence Counsel for Michael Nyinaku, the former CEO of the Bank, who has been accused of siphoning GH¢2 billion from the customers’ funds.
Mr Thaddeus Sory argued that there was not enough evidence confirming that the Consolidated Bank, Ghana (CBG) made payments amounting to GH¢2.1 billion to the 10,000 customers, which the prosecution had alleged were moved to a fictitious bank account.
Mr Sory, counsel for founder of Beige Bank, again expressed concerns over how Beige Capital Asset Management (BCAM) was able to credit GH¢500,000.00 to a customer’s account of the defunct bank, almost eight months after its receivership.
He said at the time BCAM credited Beige Bank’s customer with the amount the Consolidated Bank Ghana Limited was in charge.
Mr Sory said Mr Julius Ayivor, a chartered accountant, who was on secondment from the KPMG to the office of the receiver for Beige Bank and the witness, was unable to establish what relationship created the credit transaction that resulted in the BCAM payment of GH¢500,000.00 to the customer since the receiver was in charge.
Mr Ayivor also testified that Beige Bank at the time of receivership had a total asset of GH¢95 million as well as some validated liabilities, amounting to about GH¢2.2 billion.
Mr Michael Nyinaku has been charged with the theft of GH¢2.1 billion belonging to customers.
He has, however, denied any wrongdoing and has since been granted bail.