AUCC denies A-G's reports about failure to pay GH¢4.7m as buyout of VCTF's 30% stake

• AUCC has denied reports of owing GHS4.7million as buyout to VCTF

• VCTF has agreed to exit AUCC as shareholder

• The school is searching for a new investor

The board of the African University College of Communications (AUCC) has denied reports of its failure to pay some GHS4.7million as buyout of Venture Capital Trust Fund's (VCTF) 30% stake.

The university was said to have denied the Trust Fund its share of GH¢1,410,000.00 (40%) as per the agreement on the distribution of returns amongst the shareholders of Activity Venture Finance Company (AVCF).

However, in a statement issued on Thursday, August 12, the Board of AUCC said they were shocked by the false reportage regarding their relationship with Venture Capital Trust Fund.

According to the school, the “VCTF has agreed to exit AUCC for a cash payment of the shares when a new investor is found.”

Read the full statement from AUCC below

AUCC DENIES AG'S REPORT ON RELATIONSHIP WITH VCTF

The Board of AUCC is shocked by a false story published today by a radio station, online portals and social media blogs purported to have been based on the Auditor-General's Report for the period ending 31 December 2021 on its relationship with Venture Capital Trust Fund.

AUCC denies all the allegations in the said story. AUCC confirms that the Venture Capital Trust Fund, through AVCF, has 30% shares in the company, which is publicly known, and that VCTF has agreed to exit AUCC for a cash payment of the shares when a new investor is found. This does not amount to a failure on the part of AUCC to pay any money to VCTF, which justifies the slowed and harmful reportage cited in the media.

AUCC can confirm that no official of ALCC was contacted during the alleged audit by the Auditor General's Department nor did any media house attempt to verify the business relationship between AUCC and VCTF that has cord ally existed over the course. Read Full Story