In 2020, Asante Berko settled a case with the SEC by agreeing to pay $329,000. In November of 2022, Berko arrived in London at Heathrow Airport and was then arrested; The Justice Department had returned an indictment against Berko in 2020, and waited for him to arrive at a jurisdiction where he could be arrested. Unbeknownst to Berko, his nightmare was about to continue – two years later.
Berko was charged with conspiring with two Ghanaian See more +
In 2020, Asante Berko settled a case with the SEC by agreeing to pay $329,000. In November of 2022, Berko arrived in London at Heathrow Airport and was then arrested; The Justice Department had returned an indictment against Berko in 2020, and waited for him to arrive at a jurisdiction where he could be arrested. Unbeknownst to Berko, his nightmare was about to continue – two years later.
Berko was charged with conspiring with two Ghanaian officials and four other individuals to benefit Goldman Sachs, himself, and a Turkish energy company. The scheme began to unravel when Goldman Sachs discovered the payments.
Join Michael Volkov as he examines the recidivist case of Asante Berko’s FCPA violations.
? Berko orchestrated the bribery scheme between 2014 and 2017 to secure an electrical power contract from the Ghanaian government for the Turkish energy company. They were attempting to secure a power purchase agreement (PPA) or an emergency power agreement (EPA) with Ghana, which required the approval of certain Ghanian officials and entities, including a senior Ghanaian official as well as the Executive Cabinet and Parliament.
? In seeking reimbursement for the bribes paid out by Berko and his conspirators, he falsified invoices for consulting services allegedly provided by a Ghanian consulting company, which were then paid by the Turkish energy company. The payments were routed through correspondent banks in the US.
? Violators of FCPA often act with flagrant disregard of the laws and delusions that their obvious crimes will remain undiscovered and uninvestigated, Michael comments.
? Goldman Sachs officials began questioning the Turkish energy company about the payments to the Ghana consulting Company that appeared in their financial analysis. Despite the reassurance of Co-conspirator Number 3, Goldman Sachs conducted a due diligence review of the transaction and various email accounts and communications, including personal accounts used by Berko and others for incriminating conversations.
Email Michael: mvolkov@volkovlaw.com
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