Banking crisis: Bank of Ghana breaks silence on arrest of Kofi Amoabeng, Mike Nyinaku, here’s what it says

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.

The Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi

According to the central bank, it will work with all relevant state institutions in the prosecution of UT Bank founder, Kofi Amoabeng and Beige Bank CEO, Mike Nyinaku.

The second Deputy Governor for BoG, Elsie Awadzi made the revelation while speaking after the two were arrested and put before the court on Tuesday, January 14, 2019.

She noted that after they finished the banking sector clean-up exercise, they have submitted all relevant information to the law enforcement agencies to conduct their investigations.

Mrs Awadzi 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 clean-up 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 Accra based Citi FM.

UT Bank founder, Kofi Amoabeng and Beige Bank’s CEO, Michael Nyinaku’s arrest

The former CEO of defunct Beige Bank, Michael Nyinaku, and former CEO of defunct UT Bank, Prince Kofi Amoabeng were both arraigned on charges of Stealing and Money Laundering in relation to the banking crisis.

Both accused persons pleaded not guilty before Circuit Court Judge Emmanuel Essandoh. The hearing was adjourned to the 22nd of January 2020.

Meanwhile, Mr Amoabeng was admitted to bail in the sum of Gh¢110million with two sureties by the court.

Michael Nyinaku, on the other hand, was not granted bail but was remanded into police custody.

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