Prime News Ghana

Venture Capital CEO denies involvement in suspected fraud being investigated by BNI

By Jeffrey Owusu-Mensah
VCTF CEO, Osman Sulemana
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The Chief Executive Officer (CEO) of the Ghana Venture Capital Trust Fund (VCTF), Osman Sulemana, has denied involvement in an alleged fraudulent activity involving missing fund.

The Bureau of National Investigations (BNI) has opened investigations into the whereabouts of GH¢35million that cannot be accounted for by the fund.

The Daily Graphic reports the fund managers claimed the amount was disbursed as loans. The supposed beneficiaries however could be traced, leading to suspicions of fraud.

The Bureau has summoned Mr Sulemana and his predecessor, Daniel Kofi Duku to provide answers. It is expected that the outcome of investigations will inform government's decision on how to proceed further with the issue.

In an interview with JoyNews, current CEO, Osman Sulemana denied any involvement in the scandal. According to him, he assumed the position in 2015, five years after the controversial disbursements began.

 Mr Sulemana is worried about what he says are attempts by some unscrupulous persons to tarnish his image as a result of the BNI investigation.

The VCTF was established in 2004, with a mandate to provide financial resources for the development and promotion of venture capital financing for Small and Medium Enterprises (SMEs) .

The Fund has however run into difficulties because most of its loans have not been repaid.

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