Assistant Superintendent of Police Joseph Abednego Atsha, the investigator in the trial of Michael Nyinaku, CEO of defunct Beige Bank, says two broad transactions were carried out on the instructions of Mr Nyinaku.
He said the first category was related to the sum of GHS320 million transferred from the Beige Bank to BCAM and subsequently into a suspicious First Africa Savings and Loans (FASL) account on the instructions of Nyinaku.
Nyinaku, who is facing the charges of stealing GH¢340 million allegedly belonging to depositors and money laundering, has denied the charges.
The court earlier admitted him to bail in the sum of GH¢342 million with two sureties, who are public servants earning not less than GH¢2,000.00.
It further directed the accused to deposit his passport with the Court’s Registry.
The witness said the second category was related to the sum of GHS21million, which was transferred from the suspicious account to 10 different companies owned by the Nyinaku and two individuals namely, Nana Afia Evelyn Kyei and Godwin Nordjo.
The witness, in a cross-examination by Counsel for Nyinaku, told the Court that the transfers to the companies and individuals were initiated by internal Memos from the Finance Department of the Beige Bank and was approved by Mr Nyinaku.
The Counsel for the accuse prayed the Court for an order to enable the witness to submit the documents stated below to counsel for the accused
These are the internal memos and approvals that support the debit and credit in respect of the GHS320 million between the Beige Bank and BCAM.
The internal memos and approvals that support the transfer of funds from BCAM to FASL and the documents made available by the 10 companies and two individuals to the police to explain how the funds were utilized.
The witness further testified that about GHS 299 million remained in the suspicious FASL account, explaining that about GHS3million out of the GHS 21miilion was placed with Bidwest Microfinance Limited and GHS 80,000 transferred to Nana Afia Evelyn Kyei.
“Nana Kyei spent GHS 20,000 and the outstanding GHS 60,000 was frozen by the Receiver,” he added.
In respect of Mr Nordjo, the witness testified that he received GHS15,000 and used same to pay various people, who rendered services to the Beige Bank.
Asked why the second suspicious FASL account was opened, the witness said Madam Vanessa Atsu and Madam Susana Philips, who created the account informed the investigation team that the second FASL account was a transactional account to enable BCAM make placements with FASL.
He further admitted that his team was informed that the second account was opened after the Beige Group acquired majority shareholding in FASL.
ASP Atsha indicated that the Know Your Customer procedures for opening the 2nd account were duly followed.
He said Madam Atsu and Madam Philips informed his team that the CEO of the Beige Group authorized the opening of the 2nd FASL account after the Group acquired majority shareholding in the FASL.
The Counsel referred the witness to the charge sheet and enquired whether he conducted investigations on the understated allegations levelled against the accused person that he siphoned the sum of GHS 500,000 of customer funds to Sadat Car Accessories, siphoned the sum of GHS 500,000 of customers funds to his Stanbic Bank account and paid the sum of GHS 300,000 of customers funds to himself.
Other allegations are that the accused person siphoned the sum of GHS1million and 6.5 million of customers funds to Mr. Oteng and laundered GHS 23,610,202.31 and GHS 425,026,007.90 to BCAM.
The witness said in relation to the sum of GHS 500,000 to Sadat Car accessories, the accused person furnished him with documents showing the purpose for which the transfer was made.
“I was not asked to conduct investigations on the GHS 500,000 to Stanbic Bank, GHS 300,000 and the laundered funds of GHS 23,610,202.31 and GHS 425,026,007.90,” he added.
He said per his investigations, it was revealed that one Fred took personal loans from Mr. Oteng, who was his friend and charged it against the shareholder’s account.
The loan was repaid to Mr. Oteng by the Beige Bank on behalf of the accused person.
He said the repayment of the loan by the Beige Bank was on the instruction of the Nyinaku.
The Counsel suggested to the witness that the Beige Bank, after paying the loan acknowledged in its books that Nyinaku, who was a shareholder of the Bank was indebted to the Bank to the tune of the amount paid to Mr. Oteng. The witness answered in the affirmative.
The Court adjourned the matter to October for continuation.
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