Assistant Superintendent of Police Joseph Abednego Atsha, the investigator in the trial of Michael Nyinaku, the former CEO of defunct Beige Bank, revealed that investigations uncovered the transfer of GHS 21,123,270 out of the GHS 320 million to 10 companies and two individuals.
ASP Atsha, the fifth Prosecution Witness, had previously testified that GHS 320 million was transferred from the accounts of various customers of Beige Bank to the account of BCAM, and subsequently to the suspicious First Africa Savings and Loans (FASL) account, based on instructions from Nyinaku.
During cross-examination by Mr. Thadeus Sory, Counsel for Nyinaku, ASP Atsha disclosed that nine out of the ten companies were owned by the accused person.
Nyinaku faces charges of stealing GH¢340 million allegedly belonging to depositors and money laundering, which he denies.
The court had granted bail to Nyinaku in the sum of GH¢342 million with two sureties, who must be public servants earning not less than GH¢2,000.00. He was also directed to deposit his passport with the Court’s Registry.
According to the witness, the amounts transferred by Nyinaku to the nine companies are as follows: Alberry-GHS5,240,000, DYI Limited-GHS6,000,000, Legacy Pensions Trust-GHS427,000, and Adelia Limited-GHS1,010,000.
The remaining companies are Beige Academy-GHS250,000, Beige Assur-GHS627,000, Beventure Ltd-GHS1,740,000, Beige Care-GHS392,000, and Beige Capital Limited-GHS2,200,000.
The defense presented various cheque disbursement forms, payment vouchers, and cheques through the witness, which showed that the nine companies disbursed most of the received funds to third parties and not to Nyinaku.
The witness acknowledged that different officials initiated and approved the processes leading to the issuance of the cheques, and the payment vouchers were verified by another official and not Nyinaku.
Mr. Sory argued that there was no evidence indicating that any of the funds related to the stealing charges were directly paid to Nyinaku. The witness agreed that the nine companies did not disburse the funds to the accused person, but emphasized that Nyinaku was charged because he was the owner of the companies.
The case was adjourned for further proceedings.