Former TOR boss Asante Berko convicted in US over Ghana power plant bribery scheme

Former Goldman Sachs executive Asante Kwaku Berko has been convicted by a United States federal jury over his role in a multimillion-dollar bribery scheme linked to plans for a power plant in Ghana.

Berko, a dual US-Ghanaian citizen and former TOR boss, was found guilty of conspiracy to violate the Foreign Corrupt Practices Act (FCPA), violating the FCPA and conspiracy to commit money laundering.

The verdict was delivered on Wednesday, 6 August, after a nine-day trial at the US District Court for the Eastern District of New York in Brooklyn. The case was heard by Judge Diane Gujarati.

Berko faces a maximum sentence of 30 years in prison when he is sentenced in November.

Prosecutors said Berko used his position as an Executive Director at Goldman Sachs to help arrange financing in 2014 for a Turkish energy company seeking to build a multimillion-dollar power plant in Ghana.

The project was being pursued during a period of electricity crisis in the country. According to the US Department of Justice (DOJ), Berko and his co-conspirators agreed to pay more than US$1m in bribes to Ghanaian public officials in an effort to obtain government approval.

The case centred on alleged payments made during the development of the project. Evidence presented at trial indicated that the conspirators intended to pay US$1m to Ghana’s then Minister of Power in April 2015.

Prosecutors also alleged that five Ghanaian government officials each received US$5,000 while taking part in an all-expenses-paid trip to Turkey to inspect equipment intended for the power plant.

The court heard that Berko personally authorised and paid tens of thousands of dollars in further bribes connected with the transaction.

Ghana’s Parliament approved the power plant agreement in July 2015. Prosecutors said that, after the approval, Berko and his associates exchanged emails about the alleged illicit payments.

The DOJ said the scheme was hidden from Goldman Sachs and other parties using shell companies, fraudulent invoices, nominee bank accounts and cash withdrawals. It also alleged that money obtained through the operation was laundered through accounts in the United States and other jurisdictions, including accounts held in Berko’s name.

Goldman Sachs later withdrew from the transaction after identifying corruption concerns surrounding the deal.

Berko was arrested in London in November 2022 under an Interpol Diffusion Notice and was extradited to the United States in July 2024.

Earlier civil case

The criminal conviction follows civil proceedings brought by the US Securities and Exchange Commission (SEC). In June 2021, the SEC obtained a final judgment against Berko over the same bribery allegations.

The judgment permanently barred him from violating the anti-bribery provisions of the Foreign Corrupt Practices Act. He was also ordered to surrender US$275,000 in alleged illicit gains and pay more than US$54,000 in prejudgment interest.

Assistant Attorney General Tysen Duva said the verdict demonstrated the Justice Department’s determination to pursue international corruption cases.

“We live in a global economy that American companies must be able to compete in fairly. This defendant corrupted that fair competition. He abused his position at a world-renowned American investment bank by helping bribe Ghanaian officials, so he and his co-conspirators, including senior executives at a Turkish company, could make money,” he said.

Duva added that anyone who damaged the integrity of international business through corruption would face the full force of the law.

Matthew Floyd, acting Assistant Director of the FBI’s Criminal Division, also criticised Berko’s conduct.

“Berko intentionally lied to his company to continue his scheme. The FBI will not tolerate dishonesty or corruption from anyone who wishes to disturb the business market,” he said.

The prosecution was conducted jointly by the US Attorney’s Office for the Eastern District of New York and the Fraud Section of the Department of Justice’s Criminal Division.