Former Goldman Sachs investment banker and former Tema Oil Refinery (TOR) Managing Director Kwaku Asante Berko has been convicted by a federal jury in Brooklyn, New York, on charges of foreign bribery and money laundering.
Berko, 52, a dual citizen of Ghana and the United States, was found guilty on all counts after a nine-day trial before U.S. District Judge Diane Gujarati.
Prosecutors said Berko conspired to pay more than **US$1 million in bribes to Ghanaian government officials** to secure the development and financing of a power plant in Ghana for Turkish energy company Aksa Enerji Uretim A.S., a Goldman Sachs client.
The alleged scheme took place around 2014 and 2015, during Ghana’s energy crisis. Prosecutors said bribes were discussed for senior government officials and members of Parliament involved in approving the project.
Authorities also said Berko concealed the payments through shell companies, sham invoices, nominee accounts and cash withdrawals, while misleading Goldman Sachs’ compliance team about the deal.
Goldman Sachs eventually withdrew from the transaction over corruption concerns.
Berko faces up to 30 years in prison when sentenced and has been remanded in custody pending sentencing.
U.S. authorities said the conviction demonstrates their commitment to prosecuting individuals who use American financial institutions and businesses to facilitate corruption overseas.
