Alberto G. Salsiccia, Chief Financial Officer of Petraco Oil Company SA, a Swiss-based entity, has lodged a formal complaint with the Economic and Organised Crime Office (EOCO), alleging a complex and high-value fraud scheme involving two Ghanaian petroleum companies, Springfield Exploration & Production Ltd. and GMP Energy Ltd., purportedly resulting in financial losses totalling USD 94.35 million.
The complaint, filed on May 16, 2025, accuses Springfield and GMP of orchestrating two separate yet interconnected schemes designed to deceive, misappropriate funds, and obstruct justice, with alleged coordination across state agencies, including Ghana’s Bulk Oil Storage and Transportation Company (BOST).
The petitioner alleges fraudulent misrepresentation, criminal breach of trust, and concealment of financial transactions.
The petition details a cross-border web of deceit involving forged contractual commitments, fictitious regulatory approvals, and misuse of arbitration processes in Dubai and London. According to the petitioner, a sale of petroleum products worth over USD 30.8 million was executed between EDURC Company DMCC and GMP Energy Ltd., with BOST as the end-purchaser.
The petitioner claims that despite BOST making full payment to GMP Energy, his company never received the assigned funds, alleging that GMP and BOST officials deliberately concealed the payment and provided false representations.
The petitioner further alleges that the proceeds were diverted for undisclosed business operations. A face-to-face meeting on February 3, 2025, reportedly revealed admissions of wrongfully retaining funds by Kevin Okyere and Geena Malkani.
The second allegation pertains to the disbursement of USD 63.5 million to Springfield under a USD 100 million loan facility agreement signed on February 7, 2023, purportedly for the unitisation of its Afina oil discovery with Eni Ghana’s Sankofa Gye Nyame (SGN) field.
The petitioner claimed the companies made false representations, knowing approvals hadn’t been obtained, unitisation was stalled, and no credible repayment plan existed. Despite demands, Petraco hasn’t been repaid, with the 18-month repayment period ending in August 2024 without settlement.
He has therefore petitioned EOCO to conduct a formal investigation under Ghana’s Economic and Organised Crime Office Act, as well as prosecutions under the Criminal Offences Act.
He wants EOCO to focus its investigation on alleged fraud by false pretences, conspiracy to defraud, and theft.
The petitioner further invoked the Anti-Money Laundering Act, asserting that the transaction’s international nature, involving Dubai-based EDURC and ongoing arbitration in London and Dubai, was being exploited as diversionary tactics to evade criminal accountability.
The complainant asserts that the accused parties are leveraging civil proceedings to shield themselves from prosecution, despite documented criminal intent and direct admissions. The petition highlights a lack of cooperation with the Criminal Investigations Department (CID) and the continuation of commercial operations funded by the alleged illicit activities.
He is seeking, among other things, the following reliefs from EOCO:
- A full investigation into the activities of Springfield, GMP Energy, and affiliated individuals;
- The freezing of all assets associated with the proceeds of crime;
- Retrieval of banking records and transaction histories from local and international banks;
- Engagement with foreign legal authorities to coordinate multi-jurisdictional asset recovery;
- Measures to prevent further dissipation of assets;
- Protection for whistleblowers and potential witnesses
By: Rainbowradioonline.com/Ghana
