Convicted ex-officials of Venture Capital Trust Fund begin payment of GH¢18m funds embezzled

Daniel Duku, the former Chief Executive Officer (CEO) of Venture Capital Trust Fund (VCTF), along with two former staff of the company have commenced payment of embezzled monies.

The three, Mr. Duku and Irene Anti Mensah and husband Frank Aboagye Mensah  were convicted by the High court over embezzlement of funds totaling GH¢18,44,802.13.

Yaw Owusu Berempong, , the current CEO of the Venture Capital Trust Fund speaking at the Public Accounts Committee (PAC) hearing in Parliament, revealed that the three have started refunding to the Fund.

“For over two years, we worked with both EOCO and BNI and the matter was eventually taken to court. Six people were charged, Daniel Duku former CEO, Richard Larsey, former Board member and former MP for Keta, Irene Anti Mensah, PA to the CEO who later became an investment officer, Frank Aboagye who happened to be the husband of Irene Anti Mensah, Charity Opoku the accountant, and Kofi Sarpong who was also an investment officer.

“Two months ago, three out of the six, Daniel Duku, Irene Anti-Mensah and the husband Frank Aboagye decided to go under the Section 35 of the Court’s Act (ACT 459) which allows them to negotiate settlements and compensation with the AG and then plead guilty at Court and the only thing that is avoidable under the Section 35 is custodial sentences. They have three months to refund those monies and failure to do that they will go back to court and they will be sentenced because they have already pleaded guilty. The other three will appear before court in October 2020.

“As I speak, Daniel Duku has already refunded GHS1,145,000 to Venture Capital, Irene Anti has refunded GH¢500,000 out of the GH¢1.5m and then Frank Aboagye Mensah  GH¢170,000 out of the GH¢1.1m and so for the past two months the total amounts that we have received is GHS1,805,000.”

On July 10, the High Court convicted three senior executives of defunct Venture Capital to over GHS18 million in compensation to the State.

Daniel Duku, Irene Anti-Mensah and Frank Aboagye who were part of the six persons standing trial agreed 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 be 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 included 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.