Ex-Goldman Banker Quits Ghana Refinery After SEC Bribe Claim
Ex-Goldman Banker Quits Ghana Refinery After SEC Bribe Claim
(Bloomberg) -- A former Goldman Sachs Group Inc. banker has stepped down as the head of Ghana’s state-owned oil refinery after U.S. regulators sued him for allegedly orchestrating bribes while he was an employee of the lender.
Asante Berko, 46, tendered his resignation to Ghanaian President Nana Akufo-Addo as the managing director of Tema Oil Refinery Ltd. Wednesday, the Presidency said in an emailed statement. Berko has served in the post since January.
The U.S. Securities and Exchange Commission said Monday that Berko arranged for an energy company to funnel at least $2.5 million through a Ghana-based intermediary to government officials while working at Goldman’s investment-banking division. The bank took appropriate steps to prevent the lender from participating in the transaction and hasn’t been charged, the SEC said.
Read more: Ex-Goldman banker accused of bribing Ghana officials
He hid his misconduct from Goldman by misleading compliance personnel about the true role of the intermediary company, before resigning in December 2016, the SEC said.
Berko denied any wrongdoing in a signed statement that was published on the website of Ghanaian broadcaster CitiFM. He couldn’t be reached for further comment.
The Tema Oil Refinery has been operating at less than half of its 45,000 barrels-per-day capacity since an explosion at its distillation unit in January 2017, which decommissioned a furnace.
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