Ex-Venture Capital CEO, others begin refunding money to state

The three former officials of the Venture Capital Trust Fund who were convicted have started refunding money to the state per the arrangement with the court in order to avoid jail terms.

Former CEO Daniel Duku was asked to refund over 15 million cedis.

Irene Anti Mensah, Executive Assistant to the CEO, Frank Aboagye Mensah husband to the executive assistant are both to refund more than two million cedis.

Speaking at the Public Accounts Committee, CEO for Venture Capital Trust Fund Yaw Owusu Berempong, revealed the three have started paying the amounts after admitting to given loans to themselves in the name of other companies.

According to him, if the three fail to pay the total amounts in 3 months they will be sent to jail.

Background

The three accused persons, Daniel Duku (1st Accused), Irene Anti-Mensah (3rdAccused) and Frank Aboagye Mensah (5th Accused), entered into negotiations with the Attorney General under Section 35 of the Courts Act, 1993, (Act 459), a provision that allows accused persons to offer compensation and restitution to the State for the loss, harm or damage caused the State.

The accused persons per the agreement changed their plea from a not guilty to guilty and they were convicted on their own plea by the court.

Fines

Per the agreement reached, Mr Duku, will pay an amount of GHC 15,000,000.00) to the Venture Capital Trust Fund (VCTF) and a fine of five hundred thousand Ghana cedis (GHc 500,000.00) to the State.

Anti-Mensah, is to pay GHc1.5M to the Venture Capital Trust Fund (VCTF) and a fine of One Hundred Thousand Ghana cedis (GHc 100,000.00) to the State.

Frank Aboagye Mensah is to pay (GHc 1,195,000.00) to Venture Capital Trust Fund (VCTF) and a fine of One Hundred Thousand Ghana cedis (GHc 100,000.00) to the State.

As part of his terms, the first accused, Daniel Duku, is to forfeit about eight (8) buildings at the Agyekum Presidential Villa at Adjiringano and Georgetown Heights 6 apartments of 3 bedrooms each, and five (5) vehicles, including a Porsche Cayenne and Porsche Panamera, to the State.



The accused persons are expected to make good all the payments within three months from Friday, July 10, 2020.

Charges

Per the charge sheet of the State as presented in Court, the first accused person, Daniel Duku was charged with the offences of Wilfully causing financial loss to the Republic contrary to section 179A (3) (a) of the Criminal Offences Act, 1960, (Act 459), Stealing contrary to section 124(1) of the Criminal Offences Act, 1960 (Act 29), Money Laundering contrary to section 1(1) (c) of the Anti-Money Laundering Act, 2008, (Act 749) and Issuing of False cheque contrary to section 313A (1) (6) of the Criminal Offences Act, 1960, (Act 29).

The 3rd accused person, Irene Anti-Mensah, was charged with the offences of Abetment of crime namely Wilfully causing financial loss to the Republic contrary to sections 20(1) and 179A (3)(a) of the Criminal Offences Act, 1960, (Act 459), Abetment of crime namely defrauding by false pretence contrary to sections 20(1) and 131(1) of the Criminal Ofences Act, 1960 (Act 29) and Conspiracy to steal contrary to sections 23(1) and 124(1) of the Criminal Offences Act, 1960(Act 29).

The 5th accused person, Frank Aboagye Mensah, on the other hand was charged with the offences of Defrauding by false pretence contrary to section 131(1) of the Criminal Offences Act 1960 (Act 29), Conspiracy to steal contrary to sections 23(1) and 124 of the Criminal Offences Act 1960 (Act 29), Stealing contrary to section 124(1) of the Criminal Offences Act, 1960 (Act 29) and Money Laundering contrary to section 1(1)(c) of the Anti-Money laundering Act, 2008 (Act 749).

Source: Starrfm.com.gh