TOR MD resigns over Bribery scandal


The Managing Director of the Tema Oil Refinery (TOR), Asante Berko, has resigned from his position.

The embattled former TOR MD was named in a $2.5m bribery scandal by the US Securities and Exchange Commission.

He was said to have arranged Goldman Sachs, a Turkish energy company pay bribes of

to funnel the money to a Ghana-based intermediary

On Monday, April 13, the US Securities and Exchange Commission in a statement said Asante Berko, who was a former employee at Goldman Sachs, arranged bribes for a Turkish energy company to funnel the money to a Ghana-based intermediary, which was then paid the government officials.

Asante Berko is alleged to have arranged for the energy company to funnel between US$3 million to US$4.5 million to the intermediary company where he paid more than US$200,000 in bribes to various other government officials for approving a Power Plant Project.

Adding, he personally also paid more than US$60,000 to members of Ghana’s parliament to gain further approval for the project.

US SEC says Asante Berko took deliberate measures to prevent his employer from detecting the bribery scheme and is said to be in violation of the Foreign Corrupt Practices Act (FCPA).

The scandal is believed to have informed his decision to resign from his post:

Below is a statement from the presidency signed by Eugene Arhin communicating Mr Berko’s resignation:



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