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.
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.
Why is Mr. Nyinaku being prosecuted
Mr. Nyinaku is facing trial over his alleged role in the collapse of his bank, Beige Bank.
In June 2019, the receiver for Beige Bank, Nii Amanor Dodoo sued him together with 12 of his subsidiary companies to a tune of over GHc1.3 billion.
Amanor Dodoo, in his writ, insisted that the defunct bank transferred several millions of Ghana cedis to the said companies ranging between GHc1 million and over GHc100 million.
More soon…
The post Collapsed Beige bank CEO Mike Nyinaku granted bail appeared first on Citinewsroom - Comprehensive News in Ghana, Current Affairs, Business News , Headlines, Ghana Sports, Entertainment, Politics, Articles, Opinions, Viral Content.
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