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Home Business Banking & Finance

Former Venture Capital Trust Fund CEO avoids jail as he begins payment of ‘missing’ funds

5 years ago
in Banking & Finance, Business, highlights, Home, latest News
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Former Chief Executive Officer (CEO) of Venture Capital Trust Fund, Daniel Duku and some two others are reported to have initiated payments of some Ghs 17.69 million they allegedly stole from the Fund.

This was disclosed by the current CEO for Venture Capital Trust Fund, Yaw Owusu Berempong when he appeared before the Public Accounts Committee (PAC).

Mr Duku together with his Executive Assistant Irene Anti Mensah and Frank Aboagye Mensah – husband of the Executive Assistant – are alleged to have given loans totaling Ghs 17.69 million to themselves in the name of other companies.

According to Mr Berempong, an arrangement the three had with the State will see Mr Duku refund Ghs 15 million whereas his Executive Assistant, Irene Anti Mensah and her husband are to refund the remaining Ghs 2.6 million.

Giving details, Mr Berempong said, “between 2012 and 2015, 205 loans were granted to companies and about 90 per cent of those loans were fraudulently processed and disbursed. The total Principal amount involved was Ghs 14.7 million and the interest that had accrued on those loans totaled Ghs 42 million.”

“For over two years we worked with both the Economic and Organized Crime Office (EOCO) and Bureau of National Investigations (BNI) and the matter was eventually taken to court where six people were charged; Daniel Duku, Richard Larsen, former Board Member and Former MP for Keta, Irene Anti Mensah, Frank Aboagye Mensah, Charity Opoku and Kofi Sarpong, an Investment Officer,” Mr Berempong stated.

“Two months ago, three out of the six, that is, Mr Duku and Mr and Mrs Mensah decided to go under the Section 35 of the Court’s Acts [Act 459] which I understand allow them to negotiate settlement and compensation with the AG and plead guilty at Court,” he added.

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According to him, should they fail to pay the total amounts in three months they will be sent to jail.

Tags: BNIDaniel DukuEOCOExecutive AssistantIrene Anti MensahjailPublic Accounts Committeeventure capital trust fundYaw Owusu Berempong
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