The complaint, filed in the state of New York against Asante Berko, a former executive of a foreign-based US bank holding company, accuses him of bribery.
However, the bank he worked for is not facing any charges.
The US Securities and Exchange Commission (SEC) filed the charged on 13 April stating Berko had violated section 30A of the Securities Exchange Act of 1934: the anti-bribery provision of the american Foreign Corrupt Practices Act (FCPA); a law created in 1977.
READ MORE: How young educated Ghanaians view corruption
During the time of the alleged offences, 2015 to 2016, Berko was executive director in Goldman Sachs’ London office
A US citizen, Berko allegedly helped a client win a government contract to build and operate an electric power plant in Ghana, which is in direct violation of the FCPA as per the official complaint:
“Berko schemed to bribe various government officials in the Republic of Ghana (“Ghana”) so that a client of the Subsidiary, a Turkish Energy Company (the “Energy Company”), would win a contract (the “Power Purchase Agreement”) to build and operate an electrical power plant in Ghana and sell the power to the Ghanaian government (the “Power Plant Project” or “Project”.
Berko had arranged for his firm’s client, a Turkish energy company, to funnel at least $2.5m to an intermediary in Ghana, to bribe government officials for approval of an electric power plant project.
The complaint also alleges that Berko had helped the intermediary to pay more than $200,000 in bribes to various other government officials, as well as paying more than $60,000 in bribes himself.
According to the complaint, Berko took measures to ensure that his employer would not detect his bribery scheme, including misleading his employer’s compliance personnel about the true role and purpose of the intermediary company.
The SEC is seeking monetary penalties, among other punitive measures.
As reported by the Financial Times, Berko’s lawyer, Carl Loewenson of Morrison Foerster, had no “no comment for now” on the allegations.
Understand Africa's tomorrow... today
We believe that Africa is poorly represented, and badly under-estimated. Beyond the vast opportunity manifest in African markets, we highlight people who make a difference; leaders turning the tide, youth driving change, and an indefatigable business community. That is what we believe will change the continent, and that is what we report on. With hard-hitting investigations, innovative analysis and deep dives into countries and sectors, The Africa Report delivers the insight you need.View subscription options