I was not arrested - Mike Nyinaku

I was not arrested - Mike Nyinaku

- CEO of the collapsed Beige Bank, Mike Nyinaku, has denied reports that he had been arrested over sale of vehicles

- He said he was invited to assist with investigations

The Chief Executive Officer (CEO) of the collapsed Beige Bank, Mike Nyinaku, has denied reports that he had been arrested over sale of properties belonging to the defunct Beige bank

According to him, he was only invited by the police to inquire about the disposal of dome vehicles of some vehicles.

Nyinaku told Citi News that because the security agency was still investigating the collapse of the banks and going there was almost like a regular thing.

CEO of Beige Bank, Mike Nyinaku

CEO of Beige Bank, Mike Nyinaku Source: Supplied
Source: UGC

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“I do not know what arrest means but I know of invitations and I am invited to the security agencies a lot of times, ” he said

Nyinaku said there may be some confusion over the difference between The Beige Bank and companies owned by The Beige Group.

He explained that in the case of the cars, a company under the umbrella of The Beige Group known as BBS, leased cars to Beige Bank before its collapse.

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The CEO said following the collapse and takeover of the bank by the state, the deal with BBS was terminated and they began to dispose off the vehicles.

He however stressed that he has not engaged in any sale of property belonging to the former Beige Bank.

“All assets that belong with the former Beige Bank are with the Beige Bank and not a single one of them has been encumbered by me or any person related to me.”

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