Accra,– The Attorney Generals Department has initiated processes to recover state funds in the Venture Capital Case currently before the High Court.

A High Court and an auctioning firm are expected to auction two Estates of Daniel Duku, former Chief Executive Officer of Venture Capital Trust Fund.

To this end, an advertisement of the auctioning of Duku’s two estates (5 and 6 bedroom Residential Property) at Adjiringanor in Accra have been published in Graphic Showbiz newspaper.

The auctioning is slated for January 4, next year (2022), an advertisement of the auctioning in the Graphic Showbiz had indicated.

The auctioning is to be carried out in accordance with the orders of the High Court (Land division) and same supervised by the Registrar of the Court.

State is selling Duku’s Estate to defray his debt.

Daniel Duku, a former Chief Executive Officer of Venture Capital Trust Fund (VCTF) and three others, were ordered to pay about GHS18.5 million restitution to the State.

They are yet to do so, a year and two months after a court’s order.

Checks at the VCTF by the Ghana News Agency indicated that Duku has paid GHS1 million out of the GHS15 million.

Irene Anti Mensah, an accomplice, and a former Executive Assistant to Duku, has paid GHS1, 430,000 out of GHS1.5 million leaving a balance of GHS70, 000.

Frank Aboagye Mensah, also an accomplice, and Irene Anti Mensah’s husband, has paid GHS430, 000, leaving a balance of GHS 765,000.

Duku, Irene, Frank and Lassey, had pleaded guilty to various charges, including causing financial loss to the Republic, before an Accra High Court in July 2020.

The Court presided over by Justice Anthony Oppong, a Court of Appeal Judge, ordered them to pay the restitution of about GHS18.5 million to the State, following an agreement they had with the Attorney General (AG) per Section 35 of the Courts Act, 1993 (459).

In line with the said agreement, the Court imposed a fine of GHS500,000 on Duku and further ordered the seizure of his assets, which he acquired during his tenure in office as the CEO of VCTF.

The Court also fined Irene and Frank GHS100,000 each.

The four were given seven days to pay some percentages of the amounts and after three months of conviction, pay the rest.

Per section 35 of the Court’s Act, 1993 (459) the Court is obligated to impose a custodial sentence on convicts who are unable to pay restitution within a given period.

In April 2020, the State charged Duku and five others for causing financial loss to the State of over GHC42.8 million in the VCTF scandal.

Four out of the six accused persons pleaded guilty.

On December 1, this year, an Accra High Court asked state lawyers to come formally with an application to invoke section 35 of the Court’s Act in relation to three accused persons in the Venture Capital Trust Fund (VCTF) scandal.

Accused: Irene Anti Mensah, Frank Aboagye Mensah and Richard Lassey were to pay about GHS 18.5 million restitution to the state.

At the High Court on December 1, this year, Mrs Frances Mollen Ansah, Principal State Attorney, informed the Court that they would like to come under Section 35 of the court’s act in respect of three persons.

The Court however asked the state to come formally with an application and same should be served on the accused so they could respond.

Two persons, Kofi Sarpong, a former Investment Officer, VCTF, and Charity Opoku, aka Charity Ameyaw, an Accountant, VCTF, pleaded not guilty and are standing trial at an Accra High Court.

The matter has been adjourned to January 14, 2022.

Kofi Sarpong, a former Investment Officer, VCTF, and Charity Opoku, aka Charity Ameyaw, an Accountant, VCTF, pleaded not guilty and are standing trial at an Accra High Court.

Mr Yaw Owusu Brempong, the current Chief Executive is under cross examination.

Source: Ghana News Agency

Leave a Reply

Your email address will not be published. Required fields are marked *

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Previous post [INVNT GROUP]™ Bets Big on Live; Enhances Live Brand Storytelling Capabilities with Newly Formed ITP LIVE, in the Strategic Acquisitions of InSync Production Services, Thunder Audio and Morpheus Lights.
Next post Seminar Reveals the Secrets of Heaven Hidden in Parables Taught by Jesus