The Venture Capital Trust Fund has disclosed that its former Chief Executive Officer (CEO), Daniel Duku and two others have started refunding an amount of ¢17.69 million they allegedly stole from the fund.

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

He said per an arrangement they had with the State, Mr Duku is to refund over ¢15 million, whereas, his Executive Assistant, Irene Anti Mensah and the husband of the Executive Assistant, Frank Aboagye Mensah are both to pay back over ¢2 million.

Giving details, Mr Berempong said, "between 2012 and 2015, 205 loans were granted to companies and about 90 per cent of those loans were fraudulently processed and disbursed. And the total Principal amount involved was ¢14.7million and interest had accrued on those loans to an amount of ¢42 million.

“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, Richard Larsen, former Board Member and Former MP for Keta, Irene Anti Mensah, Frank Aboagye Mensah, Charity Opoku, an Accountant and Kofi Sarpong, an Investment Officer.

“Two months ago, three out of the six, that is, Mr Duku and Mr and Mrs Mensah decided to go under the Section 35 of the Court’s Acts [Act 459] which I understand allow them to negotiate settlement and compensation with the AG and plead guilty at Court.”

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