The High Court has convicted three senior executives of defunct Venture Capital to over GHS18 million in compensation to the State.
The verdict from the court is premised on an agreement which the first accused, third accused and fifth accused persons, namely, Daniel Duku, Irene Anti-Mensah and Frank Aboagye who are part of the six persons standing trial in the case of the State against Daniel Duku and five others, entered into with the State to refund GHS18.5 million to the State including 11 properties belonging to Mr. Duku.
According to the court, the agreement which is pursuant to Section 35 of the Courts Act, 1993, (Act 459), had earlier been rejected by the Court Presided over by Court of Appeal Judge, Anthony Oppong sitting as an additional High Court Judge, in June this year, but reviewed the decision on Friday, July 10, 2020.
The first accused person, Daniel Duku, under the agreement, is liable to pay an amount of GHS15 million. Additionally, he is to pay US$26,063 to the Venture Capital Trust Fund (VCTF) and a fine of GHS 500,000 to the State. These amounts will have to paid by first accused in addition to the properties seized by the courts
The third accused person, Irene Anti-Mensah will pay GHS1.5 million to the Venture Capital Trust Fund and a fine of GHS100,000 to the State.
Frank Aboagye Mensah, the fifth accused will pay GHS 1,195,000.00 to Venture Capital Trust Fund and a fine of GHS 100, 000.00 to the State.
The properties include five vehicles; (including a Porsche Cayenne and Porsche Panamera), six apartments of three bedrooms each at Georgetown Heights and the eight buildings at the Agyekum Presidential Villa at Adjiringano.
By virtue of the verdict, the payments are to made within three months from Friday, July 10, 2020.
Loan receiver threatens defaulters
Meanwhile, defaulting customers, individuals and institutions who took loan facilities from some defunct 347 Microfinance companies and some 23 Savings and Loans and Finance Houses, who had their licenses revoked by Bank of Ghana on May 31, 2019 and August 16, 2019, are being entreated by the receiver, Mr. Eric Nana Nipah to repay their loan facilities.
In a statement sighted by Vaultz News, the receiver urged defaulters of loan facilities to prioritize repayment of the loan facilities soon. He said, “borrowers are to note that, the Receiver will pursue all recalcitrant defaulters through all available means as permitted by the Act including, but not limited to, legal actions and publishing names of recalcitrant defaulters in national and international newspapers”.
He likewise iterated that the first list of recalcitrant defaulters and their respective addresses will be published in the national dailies.
In addition, Mr. Nipah said that, “the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) Section 127 (3) of the Act mandates the Receiver to realize all assets of the resolved companies, including outstanding loans and advances, for the benefit of creditors”.
