The Asante Berko bribery case has placed a spotlight on a complex international corruption scheme involving a U.S. financial institution, Turkish energy companies, Ghanaian consulting firms and officials connected to Ghana’s Ministry of Power.
Ghanaian investment banker Asante Kwaku Berko was convicted in the United States on three counts linked to an alleged bribery scheme aimed at securing an Emergency Power Agreement for a Turkish energy company in Ghana.
The conviction could have further consequences in Ghana, with the Office of the Attorney General disclosing that it is collaborating with its U.S. counterparts on the matter.
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The Office of the Special Prosecutor (OSP) has also confirmed its collaboration with the U.S. Department of Justice in connection with the case.
Berko was convicted of conspiracy to violate the Foreign Corrupt Practices Act (FCPA), violation of the FCPA, and conspiracy to commit money laundering.
At the heart of the case was an alleged effort to influence Ghanaian government officials through payments exceeding US$1 million to secure an Emergency Power Agreement for a Turkish power project.
Who is Asante Kwaku Berko?
Asante Kwaku Berko was a senior executive at the U.S. financial institution involved in the transaction.
At the time of the alleged scheme, Berko was responsible for working on the transaction involving the financial institution and the Turkish energy company.
The financial institution served as the Turkish company’s client adviser and was involved in financing the proposed power project.
Berko later returned to Ghana, where he served as Managing Director of Tema Oil Refinery (TOR).
According to the prosecution’s case, Berko allegedly used his position, professional relationships and connections in Ghana to facilitate payments intended to influence government officials and secure approval for the Turkish company’s power project.
Goldman Sachs and its role in the power project
The U.S. financial institution identified in the case was Goldman Sachs, the global investment banking and financial services firm for which Berko worked.
Goldman Sachs was involved in the financing of the Turkish power project and served as an adviser to the Turkish energy company.
Under the proposed transaction, the financial institution was expected to provide a US$190 million loan to the Turkish energy company and a US$75 million letter of credit to the Republic of Ghana.
Goldman Sachs also held an approximately 16% shareholding in the Turkish energy company and was expected to receive more than US$11.3 million in fees from the transaction.
These commercial interests formed an important part of the background to the Asante Berko bribery case.
The Turkish Holding Company was the parent company of the entity responsible for the power plant.
It formed part of the corporate structure behind the Turkish energy company and was connected to the broader investment in the Ghanaian power project.
The Turkish Energy Company
The Turkish Energy Company was seeking to establish a power plant in Ghana and secure an Emergency Power Agreement with the Government of Ghana.
The company was a client of Goldman Sachs.
According to the U.S. case against Berko, funds from the Turkish energy company were used in transactions involving two Ghanaian consulting companies.
Prosecutors alleged that some of those funds were ultimately used to facilitate payments to Ghanaian government officials.
Ghana Consulting Company 1
Ghana Consulting Company 1 was one of the Ghanaian companies identified in the case as being used in the movement of funds.
According to the prosecution, the company was used to receive money from the Turkish energy company for purposes connected to alleged bribe payments.
A director of the company is identified in the case documents as Co-Conspirator 1.
Ghana Consulting Company 2
Ghana Consulting Company 2 was another Ghanaian company allegedly involved in the arrangement.
According to the case, the company was used to obtain reimbursement from the Turkish energy company for alleged bribes paid by Berko and his co-conspirators to Ghanaian officials.
The company was also allegedly used to invoice the Turkish energy company for payments due to Ghana Consulting Company 1.
Its principal is identified in the case as Co-Conspirator 4.
The four co-conspirators
The U.S. case identifies four other individuals as alleged co-conspirators. Their identities were not publicly disclosed in the case descriptions referenced.
Co-Conspirator 1
Co-Conspirator 1 was identified as a director of Ghana Consulting Company 1.
The individual was allegedly involved with the Ghanaian company used to receive funds from the Turkish energy company for purposes connected to the alleged bribe payments.
Co-Conspirator 2
Co-Conspirator 2 was described as a high-ranking officer of the Turkish energy company and a Turkish national.
Co-Conspirator 3
Co-Conspirator 3 was also identified as a Turkish national and a high-ranking officer of the Turkish energy company.
Co-Conspirator 4
Co-Conspirator 4 was identified as the principal of both Ghana Consulting Company 1 and Ghana Consulting Company 2.
Ghanaian officials named in the case
Two Ghanaian officials are identified in the U.S. case materials as Ghana Official 1 and Ghana Official 2.
Their identities were not disclosed in the descriptions of the case.
Ghana Official 1
Ghana Official 1 was described as an adviser to a high-ranking official at Ghana’s Ministry of Power.
The superior is referred to in the case materials as the Senior Ghana Official.
According to the prosecution, Ghana Official 1 became a target of payments allegedly intended to influence decisions concerning the Turkish company’s power project.
Ghana Official 2
Ghana Official 2 was described as a high-ranking official at the Ministry of Power.
The official’s position was significant because the Ministry was directly involved in the government’s consideration of the proposed power project.
Prosecutors alleged that payments to Ghanaian officials were intended to influence decisions necessary for the Turkish company’s power project.
Who was the Senior Ghana Official?
The Senior Ghana Official was described as a high-ranking official connected to the Ministry of Power and the superior of Ghana Official 1.
The individual’s identity was not disclosed in the case materials referenced.
According to the prosecution, the Senior Ghana Official was among the government officials whose influence was considered important to the approval of the power project.
The official was also a signatory to the Emergency Power Agreement.
What was the Asante Berko bribery case about?
At the centre of the Asante Berko bribery case was an attempt to secure an Emergency Power Agreement between the Government of Ghana and the Turkish energy company.
The Turkish company required government approval to establish and operate the power plant.
Goldman Sachs had significant commercial interests in the project because of its proposed financing arrangements, equity stake, and expected fees.
The U.S. prosecution alleged that Berko and his co-conspirators devised a scheme to make payments to Ghanaian officials to influence government decision-making.
The alleged payments were channelled through intermediaries, including Ghana Consulting Company 1 and Ghana Consulting Company 2.
According to the prosecution, the arrangement involved more than US$1 million in alleged bribes to Ghanaian government officials.
Possible implications for Ghana
The conviction has raised questions about whether individuals or institutions in Ghana could face further investigations or criminal proceedings.
The Attorney General’s Office has indicated that it is working with U.S. authorities on the matter, while the Office of the Special Prosecutor has also acknowledged its cooperation with the U.S. Department of Justice.
The developments could therefore lead to further scrutiny of the alleged transactions and the individuals and institutions connected to the proposed Ghana power project.
For now, the U.S. conviction of Asante Berko remains the central legal outcome, while any potential proceedings in Ghana would depend on investigations and decisions by the relevant Ghanaian authorities.
CNR