Prime News Ghana

Beige Bank bought forex from unlicensed company – Witness

By primenewsghana
facebook sharing button Share
twitter sharing button Tweet
email sharing button Email
sharethis sharing button Share

A witness in the trial of Michael Nyinaku, the Founder of the erstwhile Beige Bank Limited, has testified that the bank bought foreign currency from his company which was unlicensed to engage in forex.

Samuel Gariba, who is a subpoenaed defence witness, today (Wednesday, July 10, 2024) told the Accra High Court that he used to sell foreign currencies to Beige Capital which later became Beige Bank.

He said he had known Nyinaku for over 25 years with the relationship based on the buying and selling of forex.

When the prosecutor, Evelyn Keelson, a Chief State Attorney, asked the witness if his company was licensed to deal in foreign currency, he answered in the negative.

“At the time your company, Mogriba Ventures, dealt with Beige and the accused, it was not licensed to do forex business?” the prosecutor asked.

“No, it was not licensed,” the witness answered.

Not guilty

Nyinaku is on trial on accusation of stealing GH¢1.21 billion of depositors’ money from the defunct bank.

He has pleaded not guilty to 43 counts of stealing, fraudulent breach of trust and money laundering.

The accused person is currently on bail in the sum of GH¢200 million with three sureties.