Fred Kyei Mensah

Fred Kyei Mensah Recounts How Defunct Beige Bank Wanted To Take Advantage Of Him When His Business Collapsed

Renowned music producer, Fred Kyei Mensah has opened up about his experience with defunct financial institution, Beige Bank.

In a lengthy Facebook post which was sighted by, he gave a chilling account of how the bank and other companies approached him following the June 3 Accra disaster.

According to the celebrated music producer, “TAKING ADVANTAGE OF THE VULNERABLE.

When i lost my business 5 years ago, several companies came to me to sell my house to them.

Apparently, they had heard of my predicament through the news and the media space. My house is situated in a business environment in Pokuase. Several years ago, it was purely a residential area though closed to the main Kumasi Nsawam Amasaman highway.

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Some of the companies that came looking to cache on my vulnerability were the telcos, fast food companies, hardware distributors, banks and all facets of the business community.

Amongst them who pestered me with cash to leave my property was the BEIGE BANK. Herrrr, they had a very strong marketing and sales team who didn’t give me a space to brief. Day in day out, they will come home with mouth watering and juicy deals to convince me to release my property. Poverty or going into a bad situation can lead you to dispose of your treasured property at a very low price. I was facing one of the most challenging tests in my life since my source of income had been truncated as a result of the 3rd June, 2015 flood and fire disaster at the Kwame Nkrumah Circle.

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They had even arranged for me to meet the CEO who is under investigation now. When it was announced that the bank had gone into serious crisis, i thanked God for not succumbing to their pressure. The agreement was that, they were going to pay me 60% of the value upfront and later 40%.

By now, 3nka me ho akyere me paaaa. Not all that glitters is gold. Where would i have taken my precious family to? Inflation and all the other economic indicators would have affected the amount of money to be paid if i had accepted their deal. I was smart and had to endure those hard times.

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Let’s tread cautiously and not be in a haste to dispose of our assets at the least difficulty.

Beige and UT bank directors, sorry for your situation now.”

His revelation comes after the CEO of defunct Beige Bank, Mike Nyinaku was remanded in police custody for his role in the collapse of his bank.

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Bernard Ralph Adams
In One Word, I’m simple, In Two Words, I’m kind-hearted, In Three Words, I’m Bernard Ralph Adams managing editor of and Since 2014 I have contributed to several news and entertainment websites and worked with many top brands in the country. Throughout my career, I've worked from the guiding belief that honesty is everything reason I've always argued that I will gladly marry a prostitute rather than to walk down the aisle with a hypocrite and self righteous choirester. I am a Multimedia Journalist and work as a Writer, Publicist, Social Media Expert, Talent Manager, Events Promoter, Fixer, Corporate MC, Donald Trump loyalist and a proud Waakye Ambassador. I am available for hiring, events coverage, artiste promotion etc. Reach me via Email: WhatsApp / Call +233544886177