The High Court in Accra has approved a request by State Prosecutors to sell three properties belonging to Daniel Duku, the former CEO of Ventures Capital Trust Fund (VCTF), at a total value of GH¢9.9 million. Apexnewsgh reports
The properties were offered as part of a settlement agreement to pay GH¢20.11 million in restitution for financial losses caused to the state, with GH¢14 million still outstanding.
Justice Lydia Osei Marfo’s ruling varied the initial valuation of the properties, which were deemed overvalued by the state. The new valuations are:
– Plot Number 7 near the Islamic University, Adjiringanor, East Legon: GH¢3 million (down from GH¢3.6 million)
– Plot Number 4 near the Islamic University, Adjiringanor, East Legon: GH¢2.9 million (down from GH¢3.6 million)
– Georgetown Heights apartments, South Suntreso, Kumasi: GH¢4 million (down from GH¢6.7 million)
The Court ordered that the properties be sold to the highest bidder or bidders to recover the outstanding debt. The state had struggled to dispose of the properties at the initial valuations, leading to the request for a variation.
Counsel for the respondent, Daniel Duku, opposed the request, arguing that it was an abuse of judicial process. However, the Court ruled that it had jurisdiction to vary the reserve price to facilitate the sale and prevent further devaluation.
Source: Apexnewsgh.com
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