A US federal jury in Brooklyn has convicted Asante Kwaku Berko, a dual citizen of Ghana and the United States, on all counts relating to a multi-million dollar foreign bribery and money laundering conspiracy.
Berko, a former Executive Director in the Investment Banking Division at Goldman Sachs, was found guilty of paying over $1 million (£780,000) in bribes to Ghanaian government officials to secure a power plant contract for a Turkish energy firm.
Following a nine-day trial before United States District Judge Diane Gujarati, Berko faces up to 30 years in prison. He has been remanded in custody pending sentencing.
According to evidence presented at trial, Berko’s involvement began in December 2014 while managing a deal between the Republic of Ghana and Turkish energy company Aksa Enerji Uretim A.S. (Aksa), a Goldman Sachs client. The agreement aimed to construct and finance a power plant amidst a severe national energy crisis in Ghana.
To ensure Aksa secured the deal, Berko and his co-conspirators paid bribes across multiple levels of the Ghanaian government. In April 2015, they arranged $1 million for the Ghanaian Minister of Power and $250,000 for his senior adviser. Five officials also received bribes during an all-expenses-paid trip to Turkey to inspect equipment.
Following parliamentary ratification in July 2015, detailed emails confirmed further payments, including $46,000 paid directly by Berko to members of Parliament. Internal correspondence revealed recipients pressing for funds, with one asking for the “holy rain” to arrive “sooner rather than later.”
To hide the scheme, Berko lied to Goldman Sachs compliance officers, communicated through personal email accounts, and routed funds using shell companies, sham invoices, and cash withdrawals. Goldman Sachs ultimately withdrew from the deal due to corruption concerns.
US Attorney Joseph Nocella, Jr. for the Eastern District of New York stated:
“Today’s verdict marks another significant victory in this Office’s longstanding commitment to rooting out corruption. The defendant abused his access to high-level foreign government officials and his platform as an investment banker at a prestigious American firm to line his own pockets with millions of dollars.”
Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division remarked:
“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. Today’s conviction makes clear that criminals who undermine our country’s interests by corrupting foreign governments and cutting off fair competition will face the full force of the Department of Justice.”
James C. Barnacle, Jr., Assistant Director in Charge of the FBI’s New York Field Office, highlighted the international cooperation involved:
“Today’s verdict highlights the importance of domestic and international partnerships, and the magnitude of success that working together creates. The FBI is thankful for the assistance from the Department of Justice and the United Kingdom – specifically to the Office of International Affairs, U.S. Marshals Service, and INTERPOL – in pursuing justice to protect our country’s financial integrity.”
US authorities acknowledged assistance from the United Kingdom government, the UK National Centre Bureau for INTERPOL, the US Embassy in London, and the US Marshals Service in securing Berko’s arrest and extradition.
By: Rainbowradioonline.com/Ghana