Venture Capital scandal: Duku, three others yet to refund GH¢18.5m to State

Daniel Duku, a former Chief Executive Officer of Venture Capital Trust Fund (VCTF) and three others, ordered to pay about GH¢18.5 million restitution to the State, are yet to do so, a year and two months after a court’s order.

Checks at the VCTF by the Ghana News Agency indicate that Duku has paid GH¢1 million out of the GH¢15 million.

Irene Anti Mensah, an accomplice, and a former Executive Assistant to Duku, has paid GH¢1,430, 000 out of GH¢1.5 million leaving a balance of GH¢70,000.

Frank Aboagye Mensah, also an accomplice, and Irene Anti Mensah’s husband, has paid GH¢430,000 leaving a balance of GH¢765,000.

Richard Agbenyefia Lassey, a former Member of Parliament and a Member of the Board of Trustees, VCTF, also an accomplice, paid GH¢200,000 out of GH¢2,412,500.

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 GH¢18.5 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 GH¢500,000 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 GH¢100,000 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 GH¢42.8 million in the VCTF scandal.

Four out of the six accused persons pleaded guilty.

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.

Mr Yaw Owusu Brempong, Chief Executive Officer, the first prosecution witness, mounted the witness box on Monday, November 22, 2021.

Source: GNA