• About
  • Privacy Policy
  • Advertise
  • 0572494221
Thursday, January 21, 2021
  • Login
MarinaffRadiio
marinaff radio
ADVERTISEMENT
  • Home
  • News
    • All
    • Local News
    • Politics
    • World news
    GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

    GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

    Mahama files fresh motion

    Mahama files application to halt election petition hearing until ………

    Election petition: Supreme Court outlines roadmap for trial

    Election petition: Supreme Court outlines roadmap for trial

    Joe Biden is sworn in as president and says ‘it’s a new day in America’

    Joe Biden is sworn in as president and says ‘it’s a new day in America’

    Speaker of parliament directs all MP’s to go for test

    Speaker of parliament directs all MP’s to go for test

    Uphold the sanctity and integrity of the 2020 Presidential and Parliamentary elections- Jerry John Rawlings

    Rawlings’s funeral takes another twist

  • Business
  • Politics
  • Health
  • Education
  • Showbiz
  • Sports
  • Technology
  • Lifestyle
    New Research – Men cheat for intimacy, women cheat for sex

    New Research – Men cheat for intimacy, women cheat for sex

    Gynaecologist urges women not to remove their pubic hair

    Gynaecologist urges women not to remove their pubic hair

    Use this Natural solution for snoring

    Use this Natural solution for snoring

    Use the following steps to treat Gonorrhea at home .

    Use the following steps to treat Gonorrhea at home .

    Use these methods to Boost Your Manpower Stability Naturally

    Use these methods to Boost Your Manpower Stability Naturally

    See the spiritual side of Neem tree that will help you resist hard luck,Evil plot and poverty

    See the spiritual side of Neem tree that will help you resist hard luck,Evil plot and poverty

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
No Result
View All Result
  • Home
  • News
    • All
    • Local News
    • Politics
    • World news
    GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

    GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

    Mahama files fresh motion

    Mahama files application to halt election petition hearing until ………

    Election petition: Supreme Court outlines roadmap for trial

    Election petition: Supreme Court outlines roadmap for trial

    Joe Biden is sworn in as president and says ‘it’s a new day in America’

    Joe Biden is sworn in as president and says ‘it’s a new day in America’

    Speaker of parliament directs all MP’s to go for test

    Speaker of parliament directs all MP’s to go for test

    Uphold the sanctity and integrity of the 2020 Presidential and Parliamentary elections- Jerry John Rawlings

    Rawlings’s funeral takes another twist

  • Business
  • Politics
  • Health
  • Education
  • Showbiz
  • Sports
  • Technology
  • Lifestyle
    New Research – Men cheat for intimacy, women cheat for sex

    New Research – Men cheat for intimacy, women cheat for sex

    Gynaecologist urges women not to remove their pubic hair

    Gynaecologist urges women not to remove their pubic hair

    Use this Natural solution for snoring

    Use this Natural solution for snoring

    Use the following steps to treat Gonorrhea at home .

    Use the following steps to treat Gonorrhea at home .

    Use these methods to Boost Your Manpower Stability Naturally

    Use these methods to Boost Your Manpower Stability Naturally

    See the spiritual side of Neem tree that will help you resist hard luck,Evil plot and poverty

    See the spiritual side of Neem tree that will help you resist hard luck,Evil plot and poverty

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
No Result
View All Result
MarinaffRadiio
No Result
View All Result
Home Business

Defunct Beige Bank CEO, Mike Nyinaku remanded

January 14, 2020
in Business
9 min read
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The Chief Executive Officer of defunct Beige Bank, Mike Nyinaku, has been remanded in police custody for one week.

The remand follows the dismissal of a bail application by his lawyers who assured the court that he will cooperate with the ongoing trial.

Though the application was not opposed by the prosecution, the Judge said his decision was based on the fact that the prosecution said investigations were still ongoing.

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.

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.

Other reliefs

The plaintiff is further seeking interests on the various sums of money that Nyinaku is allegedly liable for.

Other reliefs include: “An order for a perpetual injunction restraining all the defendants from selling, disposing of and/or dealing with the assets identified by the plaintiffs and any other assets acquired with funds obtained from the second plaintiff (Beige Bank).

“An order directing the defendants to account to plaintiffs all advantages, benefits, gains and profits derived or obtained from or through any transactions with second plaintiff (Beige Bank) funds.”

The writ was filed by counsel for the receiver, Mr Ace Ankomah, on June 20, 2019.

Particulars of alleged breaches

The plaintiff accused Nyinaku of breaching his fiduciary duties as a director of Beige Bank and engaging in various unlawful actions.

Some of the alleged breaches against Nyinaku are hiding behind the corporate veil of Beige Bank to “illegally gain access and siphon the funds of Beige Bank for his personal benefit” and failure to exercise due diligence in the approval of loans.

Others include “conflict of duty and conflict of interest by failing or refusing to disclose his interest in the other 12 subsidiaries, refusal to obtain approval from the board of directors in advancing loans to those subsidiaries.

“Failure to act as a faithful, diligent and careful director in transactions for or on behalf of Beige Bank, resulting in the bank going into receivership”.

Revocation of licence

In August 2018, the Bank of Ghana (BoG) revoked the licences of Beige Bank Limited and four other indigenous banks and put them together as the Consolidated Bank Ghana Limited.

The four other banks were uniBank Ghana Limited, Royal Bank Limited, Sovereign Bank Limited and Construction Bank Limited.

The BoG explained that the Beige Bank “persistently breached the cash reserve requirement (CRR) of 10 per cent (CRR as of 23 July, 2018 was 1.97%) since the beginning of January 2018”.

It further said the quality of the bank’s loan portfolio had seriously deteriorated, resulting in a non-performing loans (NPL) ratio of 72.80 per cent.

“The bank’s Capital Adequacy Ratio (CAR) was assessed to be negative 17.18 per cent, as against the regulatory minimum of 10 per cent, thereby recording a capital deficit of GH¢159,162,557.64 and rendering the bank insolvent,” it added.

by Ebenezer Afanyi Dadzie

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to print (Opens in new window)

Like this:

Like Loading...

Related

Tags: Mike Nyinaku
admin

admin

Related Posts

Business

President Akuffo Addo wins an award

January 18, 2021
Liberty House Branch of the Ghana Commercial Bank will not be opened for business from Monday, 30th November 2020 until further notice. – Emmanuel Kojo Kwarteng, Head of Corporate Affairs
Business

Ghana Commercial Bank is not behind this fraudulent scheme

December 21, 2020
The critical decisions that we take will be judged by posterity – Dr Ernest Addison
Business

The critical decisions that we take will be judged by posterity – Dr Ernest Addison

December 20, 2020

  • Trending
  • Comments
  • Latest
UPDATE OF 200 CERTIFIED PRESIDENTIAL RESULTS OUT OF 275 CONSTITUENCIES. CHECK WHO IS LEADING

UPDATE OF 200 CERTIFIED PRESIDENTIAL RESULTS OUT OF 275 CONSTITUENCIES. CHECK WHO IS LEADING

December 8, 2020
(Audio) He is destined to lead this nation for two terms -Is it John Mahama or Akuffo Addo?Apostle Dirl King Airl Mashall tells the spiritual aspect of our presidency

( PROPHECY) God gives great warning to John Mahama and why N.P.P. nearly lost the elections-Apostle Dirl King Airl Marshall (listen to full audio)

December 16, 2020
Chairman Wontumi slams Kwame Tanko of Angel Fm and reveals seceats about him

Chairman Wontumi slams Kwame Tanko of Angel Fm and reveals seceats about him

December 15, 2020
GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

0
Valco

GRIDCo disconnects power to VALCO over US$30m debt

0

Explosion of Premix fuel kills 3, 5 injured in Elmina

0
GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

January 21, 2021
Luis Suarez banned from joining four clubs

Luis Suarez banned from joining four clubs

January 21, 2021
The least common symptoms of coronavirus you might not know

The least common symptoms of coronavirus you might not know

January 21, 2021

Tweets

Recent News

GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

January 21, 2021
Luis Suarez banned from joining four clubs

Luis Suarez banned from joining four clubs

January 21, 2021
The least common symptoms of coronavirus you might not know

The least common symptoms of coronavirus you might not know

January 21, 2021
Mahama files fresh motion

Mahama files application to halt election petition hearing until ………

January 21, 2021
MarinaffRadiio

Marinaff Radio's mission is to provide a trusted source of information, music and entertainment for curious and thoughtful people in efficient, sustainable.

Follow Us

Browse by Category

  • Africa
  • Business
  • Education
  • Health
  • Lifestyle
  • Local News
  • Music
  • News
  • Politics
  • Religious news
  • Showbiz
  • Sports
  • Technology
  • top story
  • Uncategorized
  • World news

Recent News

GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

GHANA ARMY NOT PROVIDING COVER FOR ILLEGAL MINERS ANYWHERE

January 21, 2021
Luis Suarez banned from joining four clubs

Luis Suarez banned from joining four clubs

January 21, 2021
  • About
  • Privacy Policy
  • Advertise
  • 0572494221

©Copyright 2020 Marinaff Radio - All Rights Reserved

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Showbiz
  • Health
  • Sports
  • Tech
  • Lifestyle

©Copyright 2020 Marinaff Radio - All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Open chat
%d bloggers like this: