Court documents have shown that the secret account was named First African Savings and Loans (FASL) and was lodged at the Consolidated Bank of Ghana (CBG) which took over TBB in August 2018.
Mr Nyinaku started splashing the money on other companies he controlled or founded on the blindside of the regulator.
Beige Academy and Beige Capital got GHC250,000 and GHC2.2million respectively. Mr Nyinaku’s philanthropic organization Beige Care had GH¢392, 000. He further transferred GHC21million to affiliate groups while customers of his defunct bank grew anxious about the security of their deposits and investments.
Meanwhile, investigators are still looking to find out the sources of the funds deposited in what has been called a ‘false account’.
Court documents indicate that the TBB had reached an agreement to acquire a 90% stake in First Allied Savings and Loans (FASL) company managed by businesswoman Gifty Afenyi Dadzie.
Mr Nyinaku was acquiring FASL to become a subsidiary of The Beige Group. As part of the requirements, TBB had to open an account with the savings and loans company.
However, another FASL account was created on the instruction of Mr Nyinaku. Ms. Dadzie was not aware of this development.
After BoG revoked the licence of the TBB and merged it with other banks to form the Consolidated Bank of Ghana (CBG).
Mike Nyinaku through his agents requested the new bank to transfer over GHC38m to Beige Capital Assets Management Ltd from the false account.
Ms. Dadzie was informed of the request which was made on August 8, 2018. She could not believe that account could have such monies and therefore flagged it.
This called for a new wave of investigations and Michael Nyinaku was charged with stealing and money laundering.