Beige Group Advertising Expenditure Exceeds GHC 1.8 Million, Witness Testifies In a sensational revelation at an ongoing trial, a witness has disclosed that the Beige Group of companies spent a staggering GHC 1.8 million on advertising. The witness, a former employee of Beige Capital, provided detailed records and invoices to support the claim. The revelation sent shockwaves through the courtroom, as it has raised questions about the company’s financial management practices. Prosecutors allege that the Beige Group used the advertising funds to inflate its assets and mislead investors. The witness testified that the advertising campaign was designed to create a positive image for the company and attract new customers. However, it is alleged that only a fraction of the funds were actually spent on legitimate advertising activities. The investigation into Beige Group’s advertising expenditure is part of a wider probe into the company’s alleged financial improprieties. The company is accused of misappropriating customer funds, forging documents, and engaging in insider trading. The trial is expected to continue for several weeks, as prosecutors present evidence to support their charges. If convicted, Beige Group and its executives could face severe penalties, including imprisonment and hefty fines. The scandal has cast a shadow over the financial industry in Ghana, raising concerns about the need for stricter regulation and oversight. The Beige Group case has become a symbol of the potential risks associated with investing in unregulated financial institutions. As the trial progresses, further revelations are expected to shed light on the company’s financial practices and the extent of its alleged wrongdoing.Beige Bank Trial: TBG Spent GHC 1,899,273.83 on AdvertisingBeige Bank Trial: TBG Spent GHC 1,899,273.83 on Advertising Accra, July 4, GNA – Michael Djanie, the 15th witness in the ongoing trial of Michael Nyinaku, former Chief Executive Officer (CEO) of the failed Beige Bank, testified that Beige Group (TBG) spent GHC 1,899,273.83 on advertising. Djanie, Head of Trademark and Communications at TBB, stated that this expenditure was part of the transition of Beige Capital Savings and Loans (BCSL) to Beige Bank (TBB). Breakdown of Advertising Expenses: * Daily Graphic advertisement: GHC 5,904.92 * Daily Guide advertisement: GHC 11,325.60 * Office branding: GHC 38,275.50 * Website design and development: GHC 13,200.00 * Facebook live broadcast: GHC 2,775.00 * Signage and branding: GHC 285,257.06 * Community face signage: GHC 2,400.00 * Event planning: GHC 9,409.32 * Branded souvenirs: GHC 45,056.50 * Billboard advertising: GHC 964,255.32 Djanie explained that TBG suppliers were required to open accounts in the bank to support its growth. Billboard Advertising: Over GHC 74 million was spent on billboard advertising with DDP Outdoor Limited, between February 2017 and April 2018. Refund from Billboard Rental: DDP Outdoor Limited refunded GHC 35,106.36 to TBB, which represented withheld tax amounts that were subsequently paid to the Ghana Revenue Authority (GRA). Trial Background: Michael Nyinaku is accused of theft, money laundering, and fraudulent breach of trust. He has pleaded not guilty and is out on bail.An advertising executive testified in court today that Beige Group, a now-defunct microfinance company, spent over GHC 1.8 million on advertising in 2016. The witness, who worked for an advertising agency that handled Beige Group’s account, said the company spent the money on a variety of advertising campaigns, including television, radio, print, and online. The witness said that Beige Group’s advertising spending was “significant” compared to other microfinance companies. He said that the company’s goal was to increase its brand awareness and attract new customers. The trial is ongoing.