The receiver for the defunct Beige Bank, Nii Amanor Dodoo, is going after the company’s ex-Chief Executive, Mike Nyinaku, as well as some 12 companies which directly benefitted from proceeds from the failed bank.
A writ filed at the Accra High Court by the receiver also attached a number of landed properties as well as 166 vehicles which were reportedly acquired with funds from the defunct bank or by Mike Nyinaku.
The companies cited in the writ as benefiting from funds from the failed bank include:
- Legacy Pension Trust
- Blue Limited
- Pill Point Pharmacy
- Walnut Limited
- Beige Assur
- Access Control Security Services
- Beige Village
- The Beige Group
- BBS Logistics
- BBS Trucks Ltd
- Babel Company
- Beige Capital Assets
According to the writ, more than GHS1.36 billion is expected to be retrieved from these companies together with Mike Nyinaku.
The writ prayed the court some properties that were acquired with funds from Beige Bank be taken over by the receiver.
These properties include residential property in Trasacco, East Legon; Beige Village, New Abirem, Easter region; The Beige Group office building, East Legon, as well as some other eight properties located in various parts of the country.
The writ further pleaded the court to place an injunction restraining all the defendants ie 12 companies cited earlier, from selling, disposing of or dealing with assets as identified by the receiver.
Why Beige Bank lost license
Beige Bank was said to have obtained a banking licence falsely.
An inventory asset and property report filed by the Receiver to the Bank of Ghana revealed that Beige Bank had total assets of GH₵494 million.
Out of the figure, GH₵282 million, representing 57% were loans and securities.
According to the report, the bank gave an amount of GH₵274 million, constituting 31% of the loans to related parties.
The Receiver said Beige bank did not adhere to credit administration policies and had inadequacies in recovery efforts.