Prince Kofi Amoabeng and Michael Nyinaku charged with stealing


The founders of two collapsed banks, Prince Kofi Amoabeng and Michael Nyinaku have been charged with stealing and money laundering.

They have both been charged based on separate cases.

Prince Kofi Amoabeng, the founder of the defunct UT Bank and Michael Nyinaku, the founder of the defunct BEIGE bank have been accused of allegedly stealing more than Ghc390million and $8.6 million belonging to customers of the bank.

Amoabeng has been accused of stealing more than Ghc51.3 million and $8.6million, while Nyinaku has been accused of stealing more than Ghc340million.

The two pleaded not guilty to the charges leveled against them when they appeared before the Accra Circuit Tuesday, reports Graphic Online’s Ebo Hawkson.

Prince Amoabeng was admitted to bail in the sum of Ghc110million with two sureties by the court presided over by Justice Emmanuel Essandoh, a justice of the High Court with additional responsibility as a circuit court judge

Per the bail condition, the sureties must be public servants who must not earn less than Ghc2,000 a month.

The accused must also deposit his passport at the court’s registry and also report to the police every Monday and Friday.

Nyinaku was, however, not granted bail but was remanded into police custody.

According to the presiding judge, Nyinaku’s lawyer, Baffour Awuah Gyewu failed to convince the court to grant his client bail.

The presiding judge also held that prosecution had convinced the court that investigations into Nyinaku’s case was ongoing and granting bail at this time would not be prudent.

He, however, said he would listen to another bail application by Nyinaku’s legal team at the next hearing on January 22, 2020.

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