According to Dr. Ayine, lawyers for Michael Nyinaku, the former CEO of the defunct Beige Bank, proposed a payment of GH¢10 million during the trial, which he turned down, hoping for a full conviction and asset recovery.
Speaking during the Government Accountability Series on Monday, July 28, Dr. Ayine explained that the recent ruling by the Court of Appeal, which acquitted Nyinaku, has left the state with no financial gains.
“Had we accepted the GH¢10 million offer, at least something would have been recovered,” he said.
The Court of Appeal, in a unanimous decision delivered on July 25, acquitted Nyinaku of all criminal charges.
The panel, led by Justice Emmanuel Ankamah and supported by Justices Dr. Ernest Owusu Dapaah and Kofi Akrowiah, dismissed charges of stealing, fraudulent breach of trust, and money laundering.
The court ruled that the prosecution had failed to meet the legal threshold for conviction, finding no sufficient evidence to prove dishonesty or criminal intent behind Nyinaku’s actions.
Nyinaku was accused of unlawfully moving over GH¢1 billion from depositors’ and institutional accounts into firms linked to The Beige Group, a company he founded.
He had always maintained his innocence, insisting that the transfers were legitimate and backed by documentation.
With the acquittal, Nyinaku exits a lengthy legal ordeal that began in 2018 when Beige Bank’s license was revoked as part of a financial sector clean-up.