Attorney-General and Minister for Justice, Dr. Dominic Ayine has disclosed that the state would have recovered some monies from the now-defunct Beige Bank case if he had gone ahead to accept the offer.
He said lawyers of Michael Nyinaku, the former Chief Executive Officer of the now-defunct Beige Bank who was standing criminal trial, offered to pay GH¢10million in settlement, which he refused.
According to the Attorney General, the Court of Appeal recently ruled in favour former Chief Executive Officer of the now-defunct Beige Bank, leaving the State with nothing.
Speaking at the Government Accountability Series today Monday July 28, Dominic Ayine noted that 100% recovery is not always possible, depending on the case the state is prosecuting.
The Court of Appeal acquitted and discharged Michael Nyinaku, the former Chief Executive Officer of the now-defunct Beige Bank, of all criminal charges brought against him by the state.
The ruling, delivered on Thursday, July 25, 2025, by a three-member panel presided over by Justice Emmanuel Ankamah, saw the appellate court dismiss charges of stealing, fraudulent breach of trust, and money laundering. The panel also included Justices Dr. Ernest Owusu Dapaah and Kofi Akrowiah.
Nyinaku’s acquittal comes after a protracted legal battle following the collapse of Beige Bank in 2018, when the Bank of Ghana revoked its license during a financial sector cleanup that affected several local banks.
The state accused him of unlawfully transferring over GH¢1 billion in funds from customer and institutional accounts into companies related to The Beige Group, which he founded.
In January 2023, he was committed by the High Court to stand trial after the Attorney-General filed over 40 charges linked to alleged financial improprieties. However, Nyinaku consistently maintained his innocence, insisting that all transactions were legitimate and properly documented.
The Court of Appeal, in its ruling, found that the prosecution failed to establish the necessary burden of proof to sustain a conviction. The panel held that the evidence presented did not support the allegations of dishonesty or criminal intent required for a conviction on the charges of stealing and breach of trust.
With this decision, Nyinaku walks free after nearly seven years of scrutiny and litigation. The ruling is expected to spark fresh debates around the fairness and outcomes of the banking sector clean-up and the prosecutions that followed.
