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How TOR MD allegedly facilitated bribe payments to government officials, MPs in 2015/16

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The Managing Director of the Tema Oil Refinery Asante Berko has been charged by the U.S Securities and Trade Commission for arranging payments for the Ghana governing administration and some legislators in 2015/2016.

Mr Berko’s transfer was to get acceptance for a client’s electric power plant venture, court paperwork from US prosecutors explained.

The TOR boss’ role as a previous govt of a United Kingdom-primarily based economic services organization (the “Subsidiary”) was to build expenditure banking organization for the Subsidiary and the Holding Organization.

This which involved figuring out and arranging financing, restructuring or merger transactions for clientele, and aiding with the function required to
comprehensive all those transactions.

Examine under how he is stated to have schemed to aid a $4.5m bribe payments to government officers, $66,000 to MPs and pocketed $2m in 2015/16.

From somewhere around 2015 by means of at least 2016 (the “relevant period”), whilst utilized at the Subsidiary, Berko schemed to bribe numerous authorities officers in the Republic of Ghana (“Ghana”) so that a customer of the Subsidiary, a Turkish Vitality Company (the “Energy Company”), would win a deal (the “Power Invest in Agreement”) to build and function an electrical electricity plant in Ghana and market the electricity to the Ghanaian governing administration (the “Power Plant Project” or “Project”).

To outcome the corrupt plan, Berko arranged for the Vitality Firm to funnel between $3 million to $4.5 million to a Ghana-centered corporation (the
“Intermediary Company”) to bribe a variety of government officers accountable for approving the Electrical power Plant Challenge. The Strength Enterprise transferred at least $2.5 million of the prepared $3 million to $4.5 million to the Middleman Enterprise, all or most of which was utilized to bribe
Ghanaian govt officials.

Berko crafted, developed and carried out the bribery scheme with the understanding, or beneath circumstances that designed it substantially sure, that all or a part of the revenue paid to the Middleman Organization would be paid out as bribes to Ghanaian governing administration officials to protected aid for the Ability Plant Venture. Berko and the Vitality Corporation timed the most significant transfers of money to coincide with key milestones in the acceptance system of the Power Plant Job so that cash would be available to bribe the corrupt officers who were in positions to assist complete those milestones. For case in point:

a. On or about April 13, 2015, Berko figured out that the Energy Organization and the Ministry of Electricity of Ghana (“Ministry of Power”) had attained an agreement in basic principle on the terms of the Energy Invest in Agreement. By April 20, 2015, at the request of the Middleman Firm, Berko and the Electrical power Corporation experienced arranged for the Power Firm to transfer
$500,000 to the Intermediary Company, which the Intermediary Company then used to bribe a senior Ghanaian authorities official (“Government Formal 1”) who represented the Ministry of
Electricity in the course of its negotiations with the Power Firm.

b. On May perhaps 11, 2015, the Electrical power Company and the Ministry of Energy signed the Ability Order Arrangement. On Might 19, 2015, the Middleman Corporation sent an invoice to the Power Organization for an additional $1.5 million in funds for the bribe scheme. On Could 22, 2015, the Electricity Organization transferred $1.5 million to the Intermediary Company, all or portion of which was to be utilised to bribe Ghanaian authorities officials. Berko knew of this transfer at, or before long right after, the time of this transfer.

c. On July 17, 2015, the Ghanaian parliament ratified the Energy Acquire
Agreement. On July 20, 2015, the Intermediary Corporation asked for, through Berko, that the Strength Company deliver it another $1.5 million for its “next important techniques.” People funds were to be applied to bribe Ghanaian government officials and to advance the bribery plan.
d. On August 4, 2015, the Middleman Firm emailed a further invoice to the Energy Business, copying Berko, for $250,000 for the bribery plan. On October 19, 2015, the Power Enterprise transferred $250,000 to the financial institution account of an staff of the Intermediary Corporation (“Intermediary Worker 1”) who was also portion of the bribery plan.

Berko also served the Middleman Company pay more compact bribes, totalling
close to $210,000, to several other federal government officers concerned in the Electric power Plant Undertaking. These provided bribes to a Ghanaian govt official (“Government Official 2”) who assisted Federal government Formal 1 on the Undertaking, staff members at the Ministry of Energy who presented private information to the Intermediary Corporation regarding the Challenge,
government engineers who assessed the Electrical power Company’s know-how, and officials at other federal government organizations who reviewed the Venture.

In addition to the bribes paid by the Middleman Firm, Berko
individually paid out bribes to advance the corrupt plan. By August 2015, Berko experienced paid bribes of at least $66,000 to members of the Ghanaian parliament and other federal government officers in his hard work to get approval for the Energy Plant Venture.

Berko sought to earnings from the bribery plan in two ways. 1st, he understood the Subsidiary would make above $10 million in fees if the Power Company secured the Power Plant Task and the Subsidiary organized funding for it, which in change would enrich Berko’s efficiency and stature within just the Subsidiary.

Second, by at minimum July 2015, Berko recognized that the Power Firm would secretly compensate him for arranging the bribe plan. Unbeknownst to the Subsidiary – and in violation of Berko’s work arrangement with the Subsidiary – amongst September 2016 and February 2017, the Energy Enterprise compensated Berko $2 million for efficiently coordinating the bribery scheme.

Berko took deliberate actions to avoid the Keeping Company’s and the
Subsidiary’s compliance staff from exploring his corrupt scheme. First, Berko made use of his private email fairly than his perform email to set up the bribery scheme in purchase to evade detection. Berko understood that Subsidiary and/or Holding Enterprise compliance personnel could overview his operate e-mail as component of their periodic and/or venture-similar because of diligence.

Second, Berko deliberately unsuccessful to right a vital document – directed to the Holding Business –that falsely mentioned that the Power Organization experienced not compensated any intermediaries or politically uncovered people in connection with the Power Plant Task.

Inspite of Berko’s attempts to conceal his misconduct, the Holding Firm expected supplemental thanks diligence to additional evaluate the possible reputational pitfalls affiliated with the Venture and to handle other problems. As part of this diligence, for the duration of March 2016, compliance staff at the Subsidiary reviewed Berko’s email messages and uncovered the involvement of the. Middleman Corporation.

Right after interviewing Berko about the Intermediary Company, they commenced to look into the subject further. During roughly May perhaps by means of June 2016, and as component of their more investigation, Subsidiary personnel questioned the Power Company’s executives about the Intermediary Company’s function in the Electric power Plant Task.

The Electricity Company’s executives offered incomplete and inaccurate information and facts to the Subsidiary personnel’s inquiries and failed to disclose that the Middleman Company’s accurate purpose was to facilitate the bribery
plan. When Subsidiary personnel continued to probe the function of the Intermediary Business in the transaction, the Power Company’s executives refused to solution any extra concerns on the subject.

As a result of info received in the course of this even more investigation, by August 2016, the Subsidiary terminated its involvement in the Job. Amongst September 2016 and February 2017, the Energy Enterprise paid out Berko $2 million for his exertion in facilitating the bribery plan.

On or about December 7, 2016, Berko tendered his resignation to the Subsidiary, which turned closing on or about March 6, 2017. Adhering to his departure from the Subsidiary, Berko began delivering consulting companies for the Power Enterprise.

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