The High Court in Accra has approved the sale of three properties belonging to former CEO of Ventures Capital Trust Fund (VCTF), Daniel Duku, for GH¢9.9 million.

Justice Lydia Osei Marfo’s decision follows a State Prosecutors’ request to adjust the property values previously set by the Court.

Background

Daniel Duku had agreed to pay GH¢20.11 million in restitution for financial losses caused to the state, with GH¢14 million still outstanding. To offset this amount, Duku offered properties to the state, which were initially valued by the Architecture and Engineers Services Limited (AESL) at GH¢14 million. However, State Prosecutors argued that similar properties in the vicinity were valued lower than Duku’s.

Court’s decision

Justice Marfo ruled in favor of the State Prosecutors, setting new prices for the properties as follows:

  1. Plot Number 7 near the Islamic University, Adjiringanor, East Legon: GH¢3 million (reduced from GH¢3.6 million).
  2. Plot Number 4 near the Islamic University, Adjiringanor, East Legon: GH¢2.9 million (reduced from GH¢3.6 million).
  3. Georgetown Heights apartments in South Suntreso, Kumasi: GH¢4 million (reduced from GH¢6.7 million).

Prosecutors argument

Principal State Attorneys Hilda Craig and Winifred Sarpong presented the motion, highlighting the difficulties in selling the properties at the previous valuation. They argued that the forced sale values set by AESL were too high, and despite multiple attempts to sell the properties, no buyers were found at those prices.

Respondent’s opposition

Daniel Duku’s counsel, Addo Atuah, opposed the request, arguing that the state had previously accepted the AESL valuations and that the court had no jurisdiction to review its prior decision. He maintained that the properties were already transferred to the state and questioned the involvement of the respondent in their sale.

Conclusion

Justice Marfo acknowledged the challenges faced by the state in selling the properties at the initial values and approved the revised prices to facilitate their sale. The court emphasized the importance of resolving the matter efficiently to prevent further depreciation of the properties’ value.

Source: Kasapafmonline.com/Murtala Inusah

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