A federal jury in the United States has convicted former TOR MD and Goldman Sachs executive Asante Kwako Berko for his role in a scheme to bribe Ghanaian government officials in connection with the development and financing of a multi-million-dollar power plant in Ghana.
Berko, 52, was convicted of conspiracy to violate the Foreign Corrupt Practices Act (FCPA), violating the FCPA, and conspiracy to commit money laundering.
According to court documents and evidence presented at trial, Berko conspired with others to pay more than $1 million in bribes to multiple Ghanaian officials to ensure that Turkish energy company Aksa Enerji secured a contract to build and operate the power plant.
Berko, a former executive director in Goldman Sachs’ Investment Banking Division, began working on the deal in December 2014. He was responsible for securing and managing an agreement between Aksa Enerji, a Goldman Sachs client, and the Republic of Ghana amid a national energy crisis.
Prosecutors said Berko and his co-conspirators targeted officials at various levels of the Ghanaian government to secure approvals needed for the project.
In April 2015, Berko and his co-conspirators discussed paying $1 million to the then Minister of Power, who was responsible for securing key approvals for the project.
Five Ghanaian officials were also allegedly paid $5,000 each during an all-expenses-paid trip to Turkey to inspect equipment for the proposed power plant.
After Ghana’s Parliament ratified the power plant agreement in July 2015, Berko and his co-conspirators allegedly exchanged emails discussing the bribe payments. Evidence presented at trial also showed that Berko personally paid tens of thousands of dollars in bribes and was still owed money in connection with the scheme.
Prosecutors said Berko took steps to conceal the bribery scheme from Goldman Sachs by lying to the company’s compliance team, which was responsible for vetting the deal.
He also allegedly used a personal email account to discuss the bribes and worked with his co-conspirators to conceal and launder payments through shell companies, sham invoices, nominee account holders and cash withdrawals.
The payments were allegedly routed through U.S. and foreign bank accounts, including several accounts in Berko’s name.
Goldman Sachs eventually withdrew from the transaction over concerns about corruption.
Assistant Attorney General A. Tysen Duva of the U.S. Department of Justice’s Criminal Division said the conviction demonstrated that those who undermine fair competition by corrupting foreign governments would face prosecution.
“This defendant corrupted that fair competition,” Duva said, accusing Berko of abusing his position at the investment bank to facilitate bribes to Ghanaian officials.
U.S. Attorney Joseph Nocella Jr. of the Eastern District of New York also said the verdict was a significant victory in the fight against corruption, accusing Berko of using his access to senior foreign government officials and his position as an investment banker to enrich himself.
The FBI said Berko had intentionally deceived Goldman Sachs in order to continue the scheme.
Berko is scheduled to be sentenced on November 10 and faces a maximum penalty of 30 years in prison. A federal district court judge will determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
By: Ekow Annan/newsalertgh.com
