We have recently witnessed a significant development in the case involving the former Chief Executive Officer (CEO) of Ventures Capital Trust Fund (VCTF), Daniel Duku. The High Court in Accra has granted State Prosecutors’ request to sell three properties belonging to Mr. Duku for an amount totaling GH¢9.9 million.
This decision, endorsed by Justice Lydia Osei Marfo, comes after the State Prosecutors filed a motion to vary the value price of the properties previously ordered by the Court. It is important to note that Mr. Duku had entered into settlement agreements with the state to pay GH¢20.11 million as restitution for financial loss caused to the state, with an outstanding balance of approximately GH¢14 million.
However, the properties offered by Mr. Duku to defray the balance were deemed to be overvalued by the appointed valuer, Architecture and Engineers Services Limited (AESL). Despite AESL's valuation matching the outstanding amount, it was highlighted that other similar facilities in the vicinity were valued much lower.
As a result of the challenges faced in disposing of the properties at the initially set prices, State Prosecutors sought a variation of the reserved price, which was ultimately granted by Justice Lydia Osei Marfo. The new valuations endorsed by the Court are as follows:
1. Plot Number 7 near the Islamic University, Adjiringanor, East Legon - GH¢3 million
2. Plot Number 4 near the Islamic University, Adjiringanor, East Legon - GH¢2.9 million
3. Georgetown Heights apartments, South Suntreso in Kumasi - GH¢4 million
It is important to highlight that all properties are to be sold to the highest bidder or bidders.
The Attorney General's Department, representing the state, argued for the variation of the reserved price based on Mr. Duku's initial agreement to make restitution and reparation to the state. It was emphasized that despite Mr. Duku's offer of properties to offset the outstanding amount, the state faced challenges in realizing their true value.
On the other hand, Counsel for Mr. Duku opposed the request, citing that the properties were offered in lieu of the outstanding amount and that it was difficult to sell them due to actions by a state body.
In light of these arguments, Justice Lydia Osei Marfo ruled in favor of varying the sale prices of the properties to facilitate their sale and prevent further devaluation over time.
This latest development marks a significant step in resolving the financial implications of Mr. Duku's actions, and it underscores the complexities involved in such cases. As we await further updates on the sale of these properties, it is evident that this legal process has far-reaching implications for all parties involved.
-source Starrfm | curated by Aisha Yakubu | GhanaCrimes
