Michael Nyinaku, former Managing Director of defunct Beige Bank who was being held for stealing GH¢340,000.00 and money laundering was on Friday admitted to bail by an Accra Circuit Court.

Nyinaku who is said to be on admission at the Police Hospital, was admitted to bail in the sum of GH¢342 million with two sureties who are to be public servants earning not less than GH¢2,000.00.

The court presided over by Mr Emmanuel M. Essandoh further ordered Nyinaku who was not in court today to deposit his passport at the court's registry and report to the Police twice a week.

Nyinaku denied the two charges when he made his maiden appearance at the court. On January 14, this year, he was then remanded by the court to reappear on January 22.

Nyinaku was granted bail after his team of lawyers led by Mr Thaddeus Story filed a motion for bail pending trial.

Mr Sory drew the attention of the court to the fact that the prosecution had not opposed to bail at the last sitting.

He said the court could decline bail under special circumstances.

The circumstances, he said include, the fact that if accused person when granted bail would not appear to stand trial or the accused was likely to jump bail.

Defence counsel said prosecution has not demonstrated that when the accused was granted bail he could commit further offences.

Mr Duah Adonteng also a defence counsel for the accused said the accused was presumed innocent until proven guilty by a court of competent jurisdiction and prayed the court not to do anything to deprive Nyinaku his freedom.

Mr Adonteng said Nyinaku has a fixed place of abode and would appear to stand trial.

Assistant Superintendent of Police (ASP) Emmanuel Nyamekye explained that the Attorney General had filed an affidavit in opposition.

ASP Nyamekye admitted that no new facts had been stated by the prosecution.

Nyinaku is alleged to have engaged in money laundering and misappropriated GHC340.9 million allegedly belonging to depositors, through the acquisition of First African Saving and Loans (FASL) by The Beige Group (TBG) a subsidiary entity of Beige Bank in the later part of 2017.

The prosecution alleges that after the intention of purchasing the majority shares in FASL, Nyinaku and his cronies then opened an account independent of the directors of FASL and made various withdrawals totalling over GHC 340 million.

The prosecution said the accused later transferred the funds to his company’s subsidiaries such as Beige Capital, Beige Care, Beige Assure, Beige Academy, Legacy Pensions, Bidwest Micro Finance, Beige Capital Asset, Adelia limited, DYI Limited among others and individuals such as Nana Afia Evelyn Kyei and Godwin Nordjo.