Rather, it says it has retrieved GH¢375,000 out of the GH¢2.55m from the investment with Brooks Assets Management Limited and is making frantic efforts to retrieve the rest of the money.
“It is, therefore, false that the entire investment by the university has gone down the drain. The reports are untrue and mere fabrication calculated to create public anger, disaffection and tarnish the hard-won reputation of management,” a press statement released by the TTU said.
The statement was signed by the Public Relations Officer of the TTU, Mr Kow Payi Nketsia.
Due diligenceThere had been many media reports that the TTU invested the money without doing the necessary due diligence.
However, Mr Nketsia stated in the press statement that management decided to invest with Brooks Assets Management to raise additional funds for the school and that all the necessary checks and lawful processes were done before the investment was made.
“Management of the Takoradi Technical University conducted due diligence and a thorough search at the Securities and Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA), and settled on Brooks Assets Management, which showed that they were legally registered with the above-mentioned regulatory bodies,” it said.
According to the statement, the investment proposal was first presented to the Finance Committee on September 15, 2016, while the university’s Governing Council approved it on September 29, 2016.
“An amount of GH¢2.55m was invested in three tranches with Brooks Assets Management Limited with a maturity period of three months. The university has so far received an amount of GH¢375,000 from the investment with Brooks,” it added.
Payment not forthcoming
The statement explained that Brooks failed to honour its payment after the maturity dates were due and that made the management of the university to initiate a legal action to retrieve the principal amount and the accrued interest.
“On August 20, 2018, the Sekondi High Court entered judgment in favour of the university. Management is seriously pursuing personalities and properties of Brook Assets Management Limited in order to retrieve the outstanding funds.
“At no material time did the university engage in any illegality with respect to the said investment,” the statement added.