Unlicensed Forex Deals Cloud Beige Bank Trial: Witness Confirms Transactions

Accra, Ghana – July 11, 2024 – Testimony in the ongoing trial of Michael Nyinaku, founder of the defunct Beige Bank Limited, took a surprising turn yesterday at the Accra High Court. A defense witness, Samuel Gariba, confirmed under questioning that he had sold foreign currency to Beige Capital (which later became Beige Bank) despite his company, Mogriba Ventures, lacking a license for forex trading.

Gariba, who was subpoenaed by the defense, revealed a long-standing business relationship with Nyinaku centered around foreign exchange transactions. The prosecution, led by Chief State Attorney Evelyn Keelson, capitalized on this revelation, establishing that Mogriba Ventures operated without the necessary forex license during its dealings with Beige Bank.

Charges and Defense

Nyinaku stands accused of stealing a staggering GH¢1.21 billion from depositors of the collapsed Beige Bank. He has vehemently denied these charges, pleading not guilty to 43 counts of stealing, fraudulent breach of trust, and money laundering. Nyinaku is currently on bail for GH¢200 million with three sureties.

Unlicensed Transactions Raise Questions

Gariba’s testimony raises serious questions about the operations of Beige Bank and the potential involvement of unlicensed entities. The prosecution will likely use this information to bolster their case against Nyinaku. Whether this revelation will significantly impact the trial’s outcome remains to be seen.

Trial Continues

The trial is expected to continue in the coming days, with further witness testimonies and evidence presentations. This development adds another layer of complexity to the case, and it will be interesting to see how the defense counters these new allegations.

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