Assistant Superintendent of Police Joseph Abednego Atsha, the investigator in the trial of Michael Nyinaku, CEO of the defunct Beige Bank, has provided insights into the alleged transactions carried out on the instructions of Mr Nyinaku.
The investigator's testimony shed light on two broad categories of transactions related to the case.
The second category pertained to a sum of GH¢21 million transferred from the suspicious FASL account to 10 different companies owned by Nyinaku and two individuals, Nana Afia Evelyn Kyei and Godwin Nordjo.
These transfers were initiated by internal memos from Beige Bank's Finance Department and were approved by Nyinaku.
In a cross-examination, ASP Atsha stated that his investigations revealed that about GH¢299 million remained in the suspicious FASL account. He mentioned that GH¢3 million out of the GH¢21 million was placed with Bidwest Microfinance Limited and GH¢80,000 was transferred to Nana Afia Evelyn Kyei.
He also testified that GH¢15,000 from the same account was used by Mr Nordjo to pay individuals who rendered services to Beige Bank.
The witness clarified that the second FASL account was opened for transactional purposes after the Beige Group acquired a majority shareholding in FASL. He affirmed that Know Your Customer procedures were duly followed for opening the account.
Regarding certain allegations levelled against Nyinaku, the witness stated that he was not asked to investigate some specific transactions, including those involving GH¢500,000 to Sadat Car Accessories and GH¢500,000 to Stanbic Bank.
The case has been adjourned to October for continuation.