News:
June 18, 2016
The Public Accounts Committee (PAC) of Parliament has issued a one week ultimatum to management of Venture Capital Ghana to furnish it with a detailed report of a US$3million landed property they have acquired at North Ridge.
The landed property is to be developed into an office complex for the State equity financing firm.
The firm was also tasked to submit a good report on the status of loan defaulters which has been verified by the Auditor-General.
The directive was given when officials of Venture Capital Ghana appeared before the PAC, Thursday, to respond to queries raised by the Auditor-General in his 2014 audited report of the State firm.
The auditors had raised issues ranging from; unaccounted imprest; default payment totaling GH₵333,344.36; and failure to acquire a land title certificate over a 2.05 acre landed property the company has acquired for its office complex.
Officials of the company led by their Chief Executive Officer (CEO), Ousman Sulemana, responding to the landed property query told the panel that his outfit was in the process of acquiring the Land Title Certificate from the Land Title Registry.
However, he said the company, was in possession of the deed of assignment after completing the US$3million lease payment in 2012.
The landed property was acquired from another State firm, SICFSL in 2011.
When asked about the number of years the property was leased to the firm, Mr. Sulemana who appeared not sure about the details of the said land told the PAC that his outfit leased it for about 50 years.
With regards to the defaulters, the officials were also not forthcoming with detailed accounts, provoking the PAC to reschedule the encounter to next week to enable the firm prepare a good report.
“We want you to get a good report on the status of the defaulters. We want you to prepare the report alongside the auditors so that they can verify before you come back”, Chairman of the PAC, Kwaku Agyeman-Manu directed.