The African University College of Communication (AUCC) has denied the Auditor-General’s report on the school’s relationship with Activity Venture Capital Trust Fund.

According to the Auditor-General’s report on the public accounts of Ghana, public boards, corporations and other statutory institutions for the period ended 31 December 2020, AUCC failed to make payment on the agreed amount of GHS4.7 million as a buyout of Activity Venture Capital Trust Fund’s (AVFC) 30 per cent stake in AUCC, denying the Trust Fund its share of GHS1,410,000.00 (40%) per the agreement on the distribution of returns among the shareholders of Activity Venture Finance Company (AVCF).

But AUCC, in a rejoinder, said “although it confirms that Venture Capital Trust Fund, through AVCF, has 30% shares in the company 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”.

The rejoinder further noted that no official of AUCC was contacted during the alleged audit by the Auditor-General’s Department.