Embattled defunct Beige Bank CEO Mike Nyinaku hospitalised

Embattled defunct Beige Bank CEO Mike Nyinaku hospitalised

- Mr. Nyinaku, former CEO of defunct Beige Bank has been hospitalised

- He was on Tuesday, January 14 remanded to police custody by the court

- He was arrested on charges of money laundering and stealing in the collapse of the Beige Bank

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Former Chief Executive Officer (CEO) of defunct Beige Bank, Mike Nyinaku has taken ill and admitted at the Police Hospital in Accra barely 48 hours after he was remanded by an Accra High Court.

On Tuesday, January 14, 2020, the police arrested Mr. Nyinaku and founder of the now-defunct UT Bank and Chairman of UT Group of Companies, Mr Prince Kofi Amoabeng as well for the involvement in the collapse of their banks.

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The two men were processed for court the same day and the court remanded the former Beige CEO for one week, while Mr. Amoateng was granted a bail of GHC110M with two sureties.

But following Mr. Nyinaku’s ill-health he was granted bail by Justice Essandor. His bail condition is GHS352 million with two sureties who earn not less than GHC2,000.

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The court also directed Mr. Nyinaku to deposit his passport and report to the police twice a week.

YEN.com.gh earlier reported that the flag bearer of the opposition National Democratic Congress (NDC), John Dramani Mahama on Thursday, January 16, 2020, launched an electronic payment platform that will enable party members and sympathizers contribute financially to the 2020 campaign.

Speaking at the launch at the Trade Fair Centre in Accra, the former president said the innovation is also to ensure transparency of how political parties are funded in the country.

READ ALSO: MTN Ghana faces network problem; subscribers unable to connect to internet

It has been revealed that Ghana loses thousands of cedis as a result of confiscated cars being auctioned cheaply to people who are politically connected.

An investigation by Joy News has uncovered how confiscated vehicles are sometimes sold for prices far lesser than their estimated duty cost.

A 2004 VW Touareg was found to have been allocated to one Nii Teiko Tetteh at a price of just above ¢25,000.

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Source: Yen

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