Venture Capital bosses agree to refund GH¢18.5m to the state

Former Chief Executive Officer of Venture Capital Trust Fund Daniel Duku and two other senior executives have agreed to refund a total of GH¢18.5 million to the state. This followed a decision by the High Court presided over by Justice Anthony Oppong on Friday, July 10. The Court had earlier rejected an offer of restitution from the executives standing trial. They are accused of causing financial loss to the state. On Friday, Justice Oppong reviewed the earlier decision by agreeing in pursuant to Section 35 of the Courts Act, 1993, (Act 459) that the three pay back the money and Mr Duku, in addition, have 11 of his properties seized by the state. The other two senior executives are Irene Anti-Mensah, who was an Executive Assistant and the 3rd accused, and Frank Aboagye, her husband. As per the agreement, Mr Duku will pay an amount of GH¢15 million, $26,063 to the Fund and a fine of GH¢500,000 to the state. Mrs Anti-Mensah will pay GH¢1.5 million to the Fund and a fine of GH¢100,000 to the state while Mr Aboagye pays GH¢1,195,000 and a fine of GH¢100,000 to the state. They have three months within which to make the payment. Source:|Ghana]]>

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