The High Court hearing the criminal case against former CEO and owner of Beige Bank, Mike Nyinaku, has been told by the First Prosecution Witness that Mike Nyinaku supervised the issuance of misleading investment certificates to unsuspecting customers who believed they were investing with the Bank.
Unknown to the customers, Mike Nyinaku instructed monies the customers had placed with Beige Bank to be siphoned out to a sister company, Beige Capital Asset Management, which is also owned by Mike Nyinaku.
The trial was, on Monday 20th March 2023, adjourned to Monday, 27th March 2023 for a continuation of the cross-examination of the First Prosecution Witness, Julius Ayivor.
At the previous hearing on Friday, 17th March 2023, Thaddeus Sory, Counsel for Mike Nyinaku continued with his cross-examination of Mr Ayivor, a chartered accountant with auditing and advisory firm, KPMG.
Mr Sory, in his cross-examination, claimed that customer funds/monies that had allegedly been siphoned from Beige Bank to Beige Capital Asset Management, a company owned by Mike Nyinaku, were done in the ordinary course of Beige Bank’s business.