Receiver for defunct Beige Bank chases Beige Village and other Mike Nyinaku properties

The receiver for the defunct Beige Bank, Nii Amanor Dodoo, is pursuing the company’s former Chief Executive, Mike Nyinaku, and some 12 other companies which directly benefitted from proceeds from the bank.

Beige Village

A writ filed at the Accra High Court by Nii Amanor Dodoo mentioned 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

The writ stated that more than GH1.36 billion is expected to be retrieved from these companies together with Mike Nyinaku.

The receiver, therefore, wants to take over some properties that were acquired with funds from Beige Bank.

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 also prayed the court to restrain all the defendants ie 12 companies cited earlier, from selling, disposing of or dealing with assets as identified by the receiver.

Beige Bank lost its licence in August 2018. This was because the Bank of Ghana Beige Bank 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.

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