Former Tema Oil Refinery (TOR) Managing Director Asante Kwaku Berko allegedly used more than US$1 million in bribes to Ghanaian government officials, including a former Minister of Power and MPs, to help secure a lucrative power project for his Turkish client, Aksa Enerji Uretim A.S., a United States federal court has heard.
Berko, a dual citizen of Ghana and the United States and a former Executive Director in the Investment Banking Division of Goldman Sachs, was convicted by a federal jury in Brooklyn on all counts relating to a corruption scheme involving the development and financing of a power plant in Ghana.
The nine-day trial before United States District Judge Diane Gujarati established that Berko and his co-conspirators sought to influence officials at different levels of government to ensure that Aksa, a Turkish energy company and Goldman Sachs client, won the contract to construct and operate the power plant.
Berko faces up to 30 years in prison when sentenced and has been remanded pending sentencing.
$1m for Minister
According to evidence presented at the trial, Berko’s involvement in the deal began in December 2014, at a time when Ghana was grappling with a national energy crisis.
As part of efforts to secure the necessary government approvals, Berko and his associates discussed in April 2015 the alleged payment of US$1 million to the Ghanaian Minister of Power responsible for key approvals for the project at the time.
A further US$250,000 was allegedly earmarked for the Minister’s senior adviser.
The bribery scheme extended beyond the Executive arm of government.
After Parliament ratified the Aksa-Ghana power agreement in July 2015, Berko and his co-conspirators exchanged emails detailing further payments.
In August 2015, they discussed alleged US$250,000 in bribes to various individuals, including US$46,000 for Members of the Ghanaian Parliament who had participated in the ratification of the agreement.
The US prosecutors said Berko personally made the US$46,000 payment.
The conspirators also used coded language to discuss the payments. In one exchange, a recipient was said to be waiting for the “holy rain”, a reference to the bribe, and “would appreciate it sooner rather than later”.
Officials flown to Turkey
The corruption scheme also allegedly involved an all-expenses-paid trip to Turkey for five Ghanaian officials to inspect equipment connected to the proposed power plant.
The trip formed part of the broader efforts by Berko and his associates to cultivate support for the project among officials who could influence its approval and implementation.
The power plant was projected to generate hundreds of millions of dollars in profits, according to the United States Department of Justice.
Scheme concealed
Prosecutors said Berko took deliberate steps to conceal the payments from Goldman Sachs and its compliance team, which was responsible for reviewing the transaction.
He allegedly lied to the bank’s compliance personnel about aspects of the deal and used his personal email account, rather than his Goldman Sachs business account, to communicate with co-conspirators about the project and the bribes.
He also instructed others involved in the scheme to use similar methods.
The bribes were allegedly disguised and moved through shell companies, sham invoices, nominee account holders and cash withdrawals, with transactions passing through both US and foreign bank accounts.
Goldman Sachs eventually withdrew from the transaction because of corruption concerns.
US prosecutors condemn conduct
US Attorney for the Eastern District of New York, Joseph Nocella Jr., said the conviction demonstrated the determination of his office to combat international corruption.
“Today’s verdict marks another significant victory in this Office’s longstanding commitment to rooting out corruption,” stated United States Attorney Nocella. “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.”
Assistant Attorney General of the US Department of Justice’s Criminal Division, A. Tysen Duva, said the scheme undermined fair competition.
“We live in a global economy that American companies must be able to compete in fairly,” said Assistant Attorney General Duva of the Justice Department’s Criminal Division. “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. Today’s conviction makes clear that criminals who undermine our country’s interests by corrupting foreign governments and cutting off fair competition will face the full force of the Department of Justice.”
FBI Assistant Director in Charge James C. Barnacle Jr. also highlighted the role of international cooperation in bringing Berko to justice.
“Today’s verdict highlights the importance of domestic and international partnerships, and the magnitude of success that working together creates. The FBI is thankful for the assistance from the Department of Justice and the United Kingdom – specifically to the Office of International Affairs, U.S. Marshals Service, and INTERPOL – in pursuing justice to protect our country’s financial integrity,” stated FBI Assistant Director in Charge Barnacle.
The US authorities said the United Kingdom, including its National Centre Bureau for INTERPOL, the US Embassy in London, the Department of Justice’s Office of International Affairs and the US Marshals Service, provided substantial assistance in securing Berko’s arrest and extradition.
Source: Myjoyonline.com
