Beige Bank boss arrested

Daily Guide Newspaper is reporting that the Chief Executive Officer (CEO) of the defunct Beige Bank, one of the five financial institutions that were merged into an entity known as Consolidated Bank Ghana Limited, has been arrested.

Mike Nyinaku was said to have been arrested at Takoradi where he was engaged in the disposal of properties belonging to the defunct Beige Bank, a breach of the law under the circumstances, Daily Guide has learnt from a reliable source.

Upon hearing of the unlawful act after the bank was taken over by a Receiver, the Special Investigating Team (SIT) probing the collapsed banks consisting of top-notch professionals from various fields, including the police and other security agencies ordered the arrest.

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

Mr 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 appendages.

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