An Accra Circuit Court has granted bail to the founder of the Beige Group, Micheal Nyinaku who is facing charges of stealing and money laundering.
The bail granted by Justice Essandor was in the tune of GHS352 million with two sureties who earn not less than GHS2,000.
Mr. Nyinaku is also to deposit his passport and report to the investigative teams twice in a week.
The new decision follows the denial of bail three days ago by the same judge who explained that he was not convinced at the time by the arguments made by lawyers of the accused person.
Lawyers of Mr. Nyinaku represented by Thadeus Sory filed a new application for bail hence today’s decision.
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Meanwhile, the prosecution has told the court that the accused person has been sent the police hospital for treatment after he fell ill yesterday, Thursday.
The case
The Founder and Chief Executive Officer (CEO) of the defunct Beige Bank, Michael Nyinaku, and 12 subsidiaries of the Beige Group, were dragged to court by the receiver of the bank, Nii Amanor Dodoo in June 2019, for the alleged roles they played leading to the collapse of the bank.
Nii Dodoo is seeking to use the court action to retrieve more than GH¢1 billion from Nyinaku and his companies.
The writ, filed at the Accra High Court, accuses the former CEO of breaching his duties as a director of the bank and engaging in unlawful activities which led to massive losses at the Beige Bank.
READ ALSO : Court remands Defunct Beige Bank CEO, Mike Nyinaku
According to the writ, Nyinaku allegedly supervised and unlawfully instructed the payment of hundreds of millions of Ghana cedis to his cronies and subsidiary companies without due diligence.
Apart from the recovery of various sums of money, the receiver also wants to use the suit to take custody of over 10 landed properties and about 165 cars and equipment which he averred were acquired with funds from the defunct bank.
The properties include a residential building at Trasacco, East Legon, and other properties scattered across Accra and Kumasi in the Ashanti Region.
