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Business News of Friday, 10 July 2020

Source: Class FM

Venture Capital scandal: Duku, two others ordered to pay GH¢18.5m to the state

The Accra High Court has convicted a former Chief Executive Officer (CEO) of the Venture Capital Trust Fund (VCTF), Daniel Duku and two others for causing financial loss to the state.

As their punishment, Duku, his Executive Assistant, Irene Anti Mensah and her husband, Frank Aboagye Mensah, would pay restitution of about GH¢18.5m to the state.

The court presided over by Justice Anthony Oppong, ordered the three convicts to pay the restitution following an agreement they had with the Attorney-General (A-G) per Section 35 of the Courts Act, 1993 (Act 459)

In line with Section 35 of Act 459, the three convicts pleaded guilty to a total of about 42 charges leveled against them by the State.

Restitution

The court had earlier rejected the restitution agreement and ordered the trial to commence.

However, the three accused persons filed a review of that decision and at today’s hearing, the court agreed to the restitution agreement.

Per the agreement as enforced by the court, Duku must pay GH¢15million and US$26,063 to the state.

The court has also imposed a fine of GH¢500,000 on Duku, while all the assets he acquired during his tenure as CEO of Venture Capital Trust (2010-2015) have been confiscated.

With regard to Irene Anti Mensah, the court ordered her to pay GH?1.5million and also imposed a fine of GH¢100,000 on her.

The court ordered Frank Aboagye Mensah to pay GH?1,195,000 and also imposed a fine of GH¢100,000 on him.

All the convicts have been ordered to pay a percentage of the amount within 7 days and the remaining within three months after their conviction.

Per Section 35 of Act 459, if the convicts refuse to pay the restitution within the stipulated period, the court will impose a custodial sentence on them.