Former TOR MD, Asante Kwaku Berko, convicted in the US over $1m bribery linked to Ghana power deal

Former Managing Director of the Tema Oil Refinery (TOR), Asante Kwaku Berko

By Abilla Isaac Azumah

Former Managing Director of the Tema Oil Refinery (TOR), Asante Kwaku Berko, has been convicted by a United States federal jury over his role in a bribery and money laundering scheme linked to the purchase of a power plant in Ghana.

Berko, a dual citizen of Ghana and the United States, was found guilty on all counts of an indictment charging him with conspiracy to violate the Foreign Corrupt Practices Act (FCPA), violating the FCPA, and conspiracy to commit money laundering.

The verdict was delivered after a nine-day trial before United States District Judge Diane Gujarati at the U.S. District Court for the Eastern District of New York. The U.S. Department of Justice (DOJ) said Berko faces up to 30 years in prison when sentenced and has been remanded pending sentencing.

The case centres on a power plant deal involving the Government of Ghana and Turkish energy company Aksa Enerji Uretim A.S. (Aksa), a transaction that prosecutors said was worth hundreds of millions of dollars in potential profits, according to court documents seen by Pledge Against Corruption.

According to the DOJ, Berko played a key role in securing and managing the transaction while serving as an Executive Director in the Investment Banking Division of Goldman Sachs, where Aksa was a client.

The DOJ said Berko and his co-conspirators paid more than $1 million in bribes to Ghanaian government officials to secure approvals that would allow Aksa to build and operate the power plant.

“Today’s verdict marks another significant victory in this Office’s longstanding commitment to rooting out corruption,” United States Attorney Joseph Nocella Jr. said after the conviction.

“The defendant abused his access to high-level foreign government officials and his platform as an investment banker at a prestigious American firm to line his own pockets with millions of dollars,” he added.

The power deal and alleged payments

The DOJ said the scheme began in December 2014, when Berko became involved in negotiations between Ghana and Aksa for the construction and financing of the power plant.

At the time, Ghana was experiencing an energy crisis, with the government seeking additional power generation capacity.

Prosecutors told the court that Berko and his co-conspirators discussed paying Ghanaian officials to secure the necessary approvals for the project.

In April 2015, according to the DOJ, Berko and others discussed paying $1 million to Ghana’s Minister of Power, who was responsible for securing key approvals that would allow the project to proceed.

They also discussed a payment of $250,000 to the minister’s senior adviser, prosecutors said.

The DOJ further stated that five Ghanaian officials received bribes during an all-expenses-paid trip to Turkey to inspect equipment for the proposed power plant.

Following the approval of the agreement by Ghana’s Parliament in July 2015, prosecutors said Berko and his co-conspirators continued discussions on payments linked to the transaction.

The DOJ said that in August 2015, the group discussed $250,000 in payments to various individuals, including $46,000 to members of Ghana’s Parliament who had ratified the agreement.

The U.S. authorities did not identify the Ghanaian officials named in the case in the conviction announcement.

Alleged concealment of payments

The DOJ said Berko took steps to conceal the alleged bribery scheme from Goldman Sachs and others involved in reviewing the transaction.

According to prosecutors, he provided false information to Goldman’s compliance team, which was responsible for reviewing the deal.

The DOJ also said Berko avoided using his Goldman Sachs email account when discussing the transaction and alleged bribe payments. Instead, he used his personal email account and directed other participants to do the same.

Prosecutors further alleged that the payments were disguised through shell companies, sham invoices, nominee account holders and cash withdrawals.

The funds, according to the DOJ, were moved through both U.S. and foreign bank accounts.

Goldman Sachs eventually withdrew from the transaction after corruption concerns emerged, according to the U.S. authorities.

Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division said the conviction demonstrated the U.S. government’s commitment to prosecuting corruption involving international business transactions.

“This defendant corrupted that fair competition. He abused his position at a world-renowned American investment bank by helping bribe Ghanaian officials, so he and his co-conspirators, including senior executives at a Turkish company, could make money,” Duva said.

 Berko’s return to Ghana’s energy sector

Before the U.S. criminal case reached trial, Berko had become a prominent figure in Ghana’s energy sector.

In January 2020, he was appointed Managing Director of Tema Oil Refinery (TOR), Ghana’s state-owned oil refinery.

His appointment came shortly before U.S. authorities announced allegations connected to the Aksa power project. In April 2020, Berko resigned from TOR after the allegations became public.

At the time, Berko denied wrongdoing, insisting that he did not bribe Ghanaian government officials or members of Parliament.

The allegations against him were also the subject of a separate civil action by the U.S. Securities and Exchange Commission (SEC).

The SEC alleged that Berko helped arrange improper payments to Ghanaian officials while working on the Aksa transaction. Berko settled with the SEC without admitting or denying the allegations.

The Investigation Continues

Berko's conviction resolves the U.S. criminal case against him, but the allegations have also drawn attention to the Ghanaian side of the transaction.

The DOJ’s case refers to payments allegedly made to Ghanaian officials, including a minister, a senior adviser and members of Parliament. Still, the individuals are not named in the latest conviction announcement.

The case file details how a major energy agreement moved through government approval processes during Ghana’s power crisis and highlights the role of international financial institutions, energy companies and public officials in large infrastructure transactions.

Berko, 52, was ordered remanded pending sentencing. The case was prosecuted by the Business and Securities Fraud Section of the U.S. Attorney’s Office for the Eastern District of New York and the Fraud Section of the Justice Department’s Criminal Division.