Beige bank CEO in police custody for alleged sale of defunct bank's properties

Beige bank CEO in police custody for alleged sale of defunct bank's properties

- Mike Nyinaku, CEO of defunct Beige Bank, has being arrested.

- He reportedly sold properties belonging to the defunct bank

- The CEO's actions is seen as a breach in contract of the take over

Mike Nyinaku, the Chief Executive Officer (CEO) of the defunct Beige Bank, , one of the five banks merged into the Consolidated Bank Ghana Limited, has been arrested.

Nyinaku was reportedly arrested at Takoradi in the Western Region, where he was engaged in the disposal of properties belonging to the defunct Beige Bank.

According to Daily Guide reports, the disposal of the properties was a breach of the law under the circumstances of the take over.

Beige bank CEO, Mike Nyinaku

Beige bank CEO, Mike Nyinaku Source: Graphic.com.gh

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He is now in Accra assisting the team in investigations into the allegation of disposing of properties belonging to Beige Bank and associated entities.

Nyinaku holds 99 per cent of the properties of the defunct bank and the affiliated entities, including insurance, finance house, properties and pension funds.

He is said to have used the defunct bank to fund the activities of all the three affiliated additions.

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YEN.com.gh earlier reported that the Bank of Ghana had brought five local banks all under one management following controversies over their financial standing.

The new bank was to be called the Consolidated Bank and will be headed by Daniel Addo as the new CEO.

In a press conference, the governor of the bank of Ghana, Ernest Addison, revealed that Sovereign Bank, Beige and Construction Banks obtained licenses under false pretenses using fictitious and nonexistent capital.

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Source: Yen.com.gh

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