Asante Kwaku Berko, a former Managing Director of Tema Oil Refinery (TOR) and ex-executive director at Goldman Sachs, was arraigned in Brooklyn federal court today on charges of bribery and money laundering. Berko allegedly used his position to secure a power plant deal in Ghana through illicit payments.
Allegations of Bribery and Corruption
The indictment claims that Berko, a dual citizen of the United States and Ghana, conspired with others between 2014 and 2017 to bribe Ghanaian officials. These bribes were intended to secure support for a Turkish energy company’s bid to build and operate a power plant in Ghana. In addition, Berko managed the deal between the bank, the Turkish company, and the Ghanaian government, facilitating bribe payments totaling hundreds of thousands of dollars.
According to the indictment, specific instances of bribery include a trip to Turkey for Ghanaian officials, each receiving $5,000, and payments to individuals within the Ghanaian Ministry of Power. Recovered emails show Berko discussing these payments, including $20,000 to key personnel at the Ministry of Power, referred to as the “MoP Girls.”
However, Berko faces a maximum sentence of 20 years for money laundering conspiracy and five years for each count of violating the Foreign Corrupt Practices Act (FCPA) and conspiracy to violate the FCPA if convicted. U.S. Attorney Breon Peace stated, “The defendant allegedly bribed Ghanaian government officials to secure a lucrative development contract, relying on the U.S. banking system to execute his scheme.” Also, he emphasized the commitment to eliminating bribery that exploits the U.S. financial system.
International Cooperation and Investigation
Berko’s extradition to the U.S. was made possible through the cooperation of the U.K. government, Interpol, and the U.S. Marshals Service. Moreover, the FBI’s International Corruption Unit conducted the investigation, and the Eastern District of New York’s Business and Securities Fraud Section is handling the case.
From December 2014 to March 2017, Berko allegedly conspired to bribe Ghanaian officials to secure the development and financing of a multi-million-dollar power plant. As an Executive Director in the Investment Banking Division of a U.S. bank subsidiary, Berko was responsible for managing the deal. Furthermore, the indictment details how Berko and his co-conspirators paid significant bribes to ensure the Turkish energy company won the bid.
In April 2015, five Ghanaian officials were bribed during an all-expenses-paid trip to Turkey, each receiving $5,000. After the deal was ratified by the Ghanaian parliament in July 2015, Berko and his co-conspirators exchanged emails detailing $250,000 in bribe payments, including $20,000 to the “MoP Girls.” Moreover, these payments were laundered through U.S. and foreign bank accounts, including several in Berko’s name.
However, Breon Peace, U.S. Attorney for the Eastern District of New York, expressed gratitude for the assistance provided by the U.K. authorities, Interpol, and U.S. Marshals Service in securing Berko’s arrest and extradition. “For over two years, Asante Berko allegedly bribed Ghanaian officials to monopolize a promising business deal and used United States bank accounts to transfer such kickbacks,” stated FBI Assistant Director in Charge Curtis. “The FBI will not permit citizens to obtain corrupt contracts by exploiting foreign countries and utilizing our nation to facilitate the movement of unlawful payments.”
Berko’s charges are allegations, and he is presumed innocent until proven guilty. If convicted, he faces severe penalties for his role in the bribery scheme.
Source: Graphic Online
