Beige Bank dismisses claim it got GH¢40m loan from SSNIT

Beige Bank (formerly Beige Capital) has dismissed claims that it received a GH¢40 million loan from the Social Security and National Insurance Trust (SSNIT) in 2015.

The institution says it is rather the parent company, Beige Group, which applied for a GH¢40 million facility from SSNIT, but it was denied.

A document sighted by myjoyonline from the Bank clarified that “as part of the credit application process, the borrower[Beige Group] was required to present an item of collateral…the BEIGE Group, thus presented two (2) of its assets to be used as collateral”.

SSNIT refused to give the Beige Group the facility because there were issues with among others, the marketability of the collateral, i.e. Holiday Resort (Beige Village) and land at Adamorabe-Oyibi.

The shareholder structure of the group as well showed a single shareholder who was the Chief executive officer.

The Beige Bank has been in the limelight following rumors that it secured a 40 million cedis loan from SSNIT ostensibly to shore up its capital to upgrade from a saving and loans entity into fully fledged bank.

The pension trust has itselfs been under scrutiny for expending an amount of $72 million dollars on a malfunctioning software.

The document sighted does not give details as to what the loan facility sort by the Beige Group was meant for, but makes clear it was not the bank that applied for the loan, rather the Beige Group.