Former Venture Capital CEO, others default in payment of GH¢20m

November 24, 2021
116 Views
52 Comments
Mr Daniel Duku — Former CEO, Venture Capital Trust Fund

Mr Daniel Duku — Former CEO, Venture Capital Trust Fund

The former Chief Executive Officer (CEO) of the Venture Capital Trust Fund (VCTF), Mr Daniel Duku, and three others who entered into settlement agreements with the state to pay GH¢20.11 million as restitution for financial loss caused the state are yet to settle their indebtedness, a year after the Accra High Court agreed to their terms.

The others are a former Executive Assistant to Duku, Irene Anti-Mensah, her husband, Mr Frank Aboagye Mensah, and a former Member of Parliament (MP) for Keta who is also a former member of the Board of Trustees of VCTF (the Board), Mr Richard Lassey Agbenyefia.

Not paid

This was after they had per the agreement changed their pleas from not guilty to guilty and they were convicted on their own pleas by the court.

In that regard, the convicts were expected to finish paying their debts by the end of September 2020.

However, the Daily Graphic gathered from court documents that the former CEO and the others were yet to fulfil the terms for which their trial ended.
Duku, the Daily Graphic gathered, had only settled GH¢1 million out of the GH¢15 million debt, while Anti-Mensah out of the GH¢1.5 million had settled GH¢1.43 million, leaving a balance of GH¢70,000.

The others, Aboagye Mensah had paid GH¢430,000 out of GH¢1.195 million with a balance of GH¢765,000 and Agbenyefia had also paid GH¢200,000 out of GH¢2.41 million, leaving a balance of GH¢2.21 million.

Amounts to settled

Per the agreement reached and accepted by the Accra High Court, Duku was expected to pay GH¢15 million to the VCTF and a fine of GH¢500,000 to the state.

Anti-Mensah was to pay GH¢1.5 million to the VCTF and a fine of GH¢100,000, while Aboagye Mensah was to pay GH¢1.195 million to VCTF and a fine of GH¢100,000 to the state.

The fourth person, Richard Agbenyefia, who later entered similar agreement, was also to pay GH¢2.41 million to VCTF.

Under the section 35 of the courts Act, 1993, the convicts were expected to fulfil the conditions set by the court for the payment of the restitution; else the court shall pass a custodial sentence on them.

The Attorney-General is yet to take a legal course of action concerning their default in the payment of the various sums.

Background

The four with two others were standing trial at the Accra High Court, presided over by Justice Anthony Oppong on various charges of allegedly causing financial lost to the state, abetment of crime, stealing, defrauding by false pretences and issuing of false cheques.

Duku and the five others are said to have caused financial loss of GH¢42.8 million to the state by giving out loans to unqualified applicants.

In July last year, three of them, Duku, Anti-Mensah and Aboagye Mensah, entered into negotiations with the Attorney General under Section 35 of the Courts Act, 1993, (Act 459), a provision that allows accused persons to offer compensation and restitution to the state for the loss, harm or damage caused the state.

Trial of two others

Meanwhile, the trial of the two others, Mr Kofi Sarpong, an investment officer of VCTF, and Ms Charity Opoku also known as Ms Charity Ameyaw, an accountant at VCTF, who pleaded not guilty to the offences leveled against them, have started.

The current CEO of the Venture Capital Trust Fund, Mr Yaw Owusu-Brempong, appeared as the first prosecution witness.

The prosecution tendered in his witness statement as their evidence in chief.

A few questions were put to him under cross-examination before the case was adjourned to Wednesday, December 1, this year.

Charges

Mr Kofi Sarpong is facing 102 charges of abetment of crime, to wit causing financial loss to the state, abetment of crime, to wit defrauding by false pretence, and conspiracy to commit crime, to wit stealing.

Ms Charity Ameyaw, on the other hand, is facing two counts of causing financial loss to public property to a tune of GH¢12.6 million and abetment of crime, to wit causing financial loss to the state.

She has been accused of facilitating Duku to cause financial loss of GH¢1.94 million by signing cheques to enable the granting of loans to unqualified applicants.

You may be interested

52 Comments

  1. hey there and thanks for your info – I’ve certainly picked up anything new from right here. I did however expertise a few technical issues the use of this web site, as I experienced to reload the web site a lot of instances previous to I may get it to load properly. I have been wondering if your web host is OK? Not that I’m complaining, however sluggish loading circumstances instances will very frequently have an effect on your placement in google and can harm your high quality score if advertising and ***********|advertising|advertising|advertising and *********** with Adwords. Well I am including this RSS to my email and could look out for a lot more of your respective intriguing content. Make sure you update this again very soon..

    Reply
  2. Very nice post. I just stumbled upon your blog and wished to say that I’ve really enjoyed surfing around your blog posts. After all I’ll be subscribing to your rss feed and I hope you write again very soon!

    Reply
  3. Please let me know if you’re looking for a author for your weblog. You have some really great posts and I think I would be a good asset. If you ever want to take some of the load off, I’d love to write some content for your blog in exchange for a link back to mine. Please blast me an email if interested. Thanks!

    Reply
  4. F*ckin’ tremendous things here. I am very satisfied to peer your article. Thanks a lot and i’m taking a look ahead to touch you. Will you please drop me a e-mail?

    Reply
  5. A lot of thanks for all of your work on this blog. My mother really loves conducting research and it’s really easy to understand why. Many of us know all regarding the lively means you convey good suggestions by means of your web blog and as well as improve response from the others on that topic then our child is now discovering a lot. Take pleasure in the remaining portion of the year. You are always conducting a remarkable job.

    Reply
  6. I do enjoy the manner in which you have presented this problem plus it really does present me some fodder for consideration. On the other hand, because of what precisely I have personally seen, I only trust when the actual reviews pile on that people stay on point and don’t embark upon a tirade regarding some other news du jour. Still, thank you for this excellent point and whilst I can not concur with the idea in totality, I value your point of view.

    Reply
  7. Thanks a bunch for sharing this with all of us you actually know what you’re talking about! Bookmarked. Kindly also visit my site =). We could have a link exchange contract between us!

    Reply
  8. Thanks for some other informative blog. The place else could I am getting that kind of information written in such a perfect method? I have a challenge that I’m just now running on, and I’ve been on the look out for such info.

    Reply
  9. I have been absent for a while, but now I remember why I used to love this website. Thank you, I’ll try and check back more frequently. How frequently you update your website?

    Reply
  10. of course like your web-site but you need to check the spelling on several of your posts. Many of them are rife with spelling problems and I find it very bothersome to tell the truth nevertheless I will certainly come back again.

    Reply
  11. We are a group of volunteers and opening a new scheme in our community. Your website provided us with valuable info to work on. You have done a formidable job and our whole community will be grateful to you.

    Reply
  12. hey there and thank you for your information – I’ve definitely picked up anything new from right here. I did however expertise several technical issues using this site, since I experienced to reload the site many times previous to I could get it to load correctly. I had been wondering if your web hosting is OK? Not that I’m complaining, but slow loading instances times will often affect your placement in google and can damage your quality score if ads and marketing with Adwords. Well I am adding this RSS to my e-mail and could look out for a lot more of your respective interesting content. Ensure that you update this again soon..

    Reply
  13. Good day! I just wish to give an enormous thumbs up for the good data you might have right here on this post. I shall be coming back to your weblog for more soon.

    Reply
  14. Heya just wanted to give you a brief heads up and let you know a few of the images aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different web browsers and both show the same results.

    Reply
  15. Today, I went to the beach with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!

    Reply
  16. Hey just wanted to give you a brief heads up and let you know a few of the images aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same outcome.

    Reply
  17. Hi there, simply was alert to your weblog via Google, and found that it is truly informative. I’m going to watch out for brussels. I will be grateful for those who proceed this in future. Many other people will likely be benefited from your writing. Cheers!

    Reply
  18. I have been surfing on-line more than 3 hours lately, yet I never discovered any attention-grabbing article like yours. It’s lovely worth enough for me. In my view, if all website owners and bloggers made good content material as you did, the net might be a lot more useful than ever before. “Baseball is 90 percent mental. The other half is physical.” by Lawrence Peter Berra.

    Reply
  19. What i don’t understood is actually how you’re not really much more well-liked than you might be now. You are very intelligent. You realize therefore significantly relating to this subject, made me personally consider it from numerous varied angles. Its like men and women aren’t fascinated unless it is one thing to accomplish with Lady gaga! Your own stuffs outstanding. Always maintain it up!

    Reply
  20. I keep listening to the news bulletin lecture about getting free online grant applications so I have been looking around for the best site to get one. Could you advise me please, where could i find some?

    Reply
  21. I know this if off topic but I’m looking into starting my own blog and was curious what all is needed to get setup? I’m assuming having a blog like yours would cost a pretty penny? I’m not very web savvy so I’m not 100 certain. Any tips or advice would be greatly appreciated. Thanks

    Reply

Leave a Comment

Your email address will not be published.