During the receivership of Beige Bank, Mr. Frederick Frimpong, former Procurement Officer of the collapsed institution, disclosed that significant logistics remained stored at The Beige Group’s warehouse.
Testifying as the 12th defense witness in the ongoing trial of Michael Nyinaku, former CEO of Beige Bank, Mr. Frimpong informed the High Court, presided over by Mrs. Afia Serwaa Asare-Botwe, that his procurement department was responsible for acquiring logistics and equipment during the transition of The Beige Group to a Universal Bank, specifically Beige Bank (TBB).
Funding for these acquisitions, he stated, came through the finance department of The Beige Group to enhance existing branches and establish new offices after Beige Capital Savings and Loans (BCSL) obtained its license.
Mr. Frimpong detailed the supply of items such as office furniture, air conditioners, and generator sets to various branches including Asylum Down, Abinkyi, Bawku, Bolga, Wa, Nima, Atomic, Anyaa, Madina Zongo Junction, Airport West, Kasoa K5, Adabraka, and Osu.
He supported his testimony with vouchers showing purchases made between February 13, 2017, and July 30, 2018, including generator sets valued from GH¢12,320.00 to GH¢539,885.23, and office furniture ranging from GH¢19,740.00 to GH¢78,510.68 between May 29, 2017, and May 9, 2018. Additionally, vouchers totaling GH¢232,801.16 were presented as evidence of air conditioners and other office equipment procured for TBB branches.
Mr. Frimpong emphasized that at the time of the bank’s collapse, there were still significant quantities of these purchased items stored in The Beige Group’s warehouse.
Michael Nyinaku faces charges of theft, money laundering, and fraudulent breach of trust in connection with these events, though he maintains his innocence and is currently out on bail awaiting trial.