Prime News Ghana

BoG speaks on UT Bank founder, Kofi Amoabeng, Beige Bank CEO, Mike Nyinaku's arrest

By Justice Kofi Bimpeh
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The Bank of Ghana, BoG says they are hopeful that the prosecution of UT Bank founder, Kofi Amoabeng and Beige Bank CEO, Mike Nyinaku will be seen to its legal conclusion.

Speaking after the two were arrested and put before the court yesterday, the second Deputy Governor for BoG Elsie Awadzi said they will work with all relevant state institutions in the prosecution of UT Bank founder, Kofi Amoabeng and Beige Bank CEO, Mike Nyinaku.

According to her, after they finished the banking sector cleanup exercise they have submitted all relevant information to the law enforcement agencies to conduct their investigations.

READ ALSO: Court grants UT Bank founder, Kofi Amoabeng bail

She added that law enforcement agencies are expected to do the needful if they find any criminal implication in the conduct of those involved.

"We have always said after we completed the cleanup exercise that we have passed on all relevant information to the law enforcement agencies and we expected them to conduct their own investigations, and proceed to do the needful if they found any behaviour to have had any criminal implications, so I believe what we saw yesterday was in line with what the law enforcement authorities may have found...," she said in an interview with Citi FM.

UT Bank founder, Kofi Amoabeng

Accra Circuit court yesterday granted bail to the President of UT Holdings, Prince Kofi Amoabeng.

The business leader was put before court on Tuesday to face charges of stealing and money laundering in the collapse of UT Bank Ghana Limited.

READ ALSO : Court remands Defunct Beige Bank CEO, Mike Nyinaku

He was granted bail, by the court presided over by Justice Essandor, to the tune of GHS110 million with two sureties who earn not less than GHS 2,000.

As part of the bail conditions, Mr. Amoabeng is also to deposit his passport and report to the police twice a week.

Justice Essandor in explaining his decision said it was based on “sound advocacy” by lawyers of Kofi Amoabeng.

 Beige Bank CEO, Mike Nyinaku

The Chief Executive Officer of defunct Beige Bank, Mike Nyinaku, has also 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.