Mr. Nyinaku was granted a bail of ¢200 by the Financial and Economic Court 2 of the Accra High Court.
Appearing before the Accra High Court, Monday, November 8, Mr. Nyinaku pleaded not guilty to all counts.
His counsel, Lawyer Addo Tuah told the court that the developments occurred from about 2015 to date and the accused has religiously appeared before various Investigative bodies including the Economic and Organized Crime Office (EOCO).
He noted that they have never defaulted as and when they were needed and hence prayed to the court to grant bail.
The Deputy Attorney said “In cases like this you need to have time to do a thorough investigation. We are talking about figures, it is not something that you can conjure, you need experts to go through the books, so we decided to let some space so that at least, we can do everything so that when it comes to court we don’t have problems at how we arrived at figure A or figure B. It is about a thorough investigation.”
He added “The depositors needed to be paid, the government had to pay, and we are now in court to prosecute and if possible recover. If you paid an amount of 1.2bn from the taxpayer’s money we need that money back, we can get it back only when you take legal action like we have done today.
“I can assure you that there are other cases that will also, very soon, come to court. We have done a lot of investigations to recover that money.
“Banks, Micro Finance, Savings, and Loans, Let me sound this warning to those who were involved in Savings and Loans, Micro Finance and other banking institutions, if you were involved and the state has to cough money to pay, you will be called upon to answer the charges. We are very much ready.”