AUCC denies reports that it failed to pay GHS4.7m as buyout of VCTF 30% stake

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The board of the African University College of Communications (AUCC) has denied media reports that the University failed to pay GHS4.7million as buyout of Venture Capital Trust Fund (VCTF) 30% stake.

AUCC said in a statement on Thursday August 12 that the management is shocked by “a false story published by a radio station, online portals and social media blogs purported to have been based on the Auditor General’s Report for the period ending 31 December 2020 on its relation with Venture Capital Trust.”

The statement added “AUCC denies all the allegations in the said story. AUCC confirms that the Venture Capital Trust Fund, through AVCF, has 30% shares in the company, which is publicly known and that VCTF has agreed to exit AUCC for a cash payment of the shares when a new investor is found.

“This does not amount to a failure on the part of AUCC to pay any money to the VCTF, which justifies the skewed and harmful reportage cited in the media.

“AUCC can confirm that no official of AUCC was contacted during the alleged audit by the Auditor General Department nor did any media house attempt to verify the business relationship between AUCC AND VCTF that has existed over the years.”

By Laud Nartey|3news.com|Ghana