TOR MD did not resign on his own; he was forced to after he refused ‘corrupt’ deal — IES
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TOR MD did not resign on his own; he was forced to after he refused ‘corrupt’ deal — IES

Information reaching YEN.com.gh indicates the recent resignation of the Managing Director of Tema Oil Refinery, Isaac Osei, was forced to resign by persons who wanted him to approve a shady deal.

According to the Institute of Energy Security (IES), that deal if approved, would have cost taxpayers millions of dollars, thus causing financial loss to the state.

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In a press release issued by the energy polict think tank, investigations revealed that Mr. Osei left his position after he refused to sign off a deal to refine 11 million barrels of crude oil at a cost of US$1.5 per barrel instead of a market rate of US$4.5 per barrel.

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The statement further noted that, should TOR have agreed to the terms that were being imposed on it, the refinery would not have been able to recover its operational costs much less talk of making any gain on the transaction.

“It is this unfair and uneconomical agreement that some persons of interest were exerting pressure on Mr. Osei to sign off, or resign instead. Had he agreed to this, the huge difference in the questionably discounted Tolling Agreement running into millions of dollars would have gone into private pockets as effortless profit.
To the public purse, however, this will be hard debts to be borne by the Ghanaian taxpayer without anyone being prosecuted for it. It would have simply been explained as usual as bad debts due to “management mistakes and wrong judgment,” the statement said.

Mr. Osei on Friday suddenly announced his exit from the oil refinery effective January 2020.

READ ALSO: Tema Oil Refinery Managing Director Isaac Osei resigns

YEN.com.gh earlier reported Isaac Osei resigned from the Tema Oil Refinery as Managing Director.

The former Subin MP and flag bearer-aspirant of the governing New Patriotic Party (NPP) announced his resignation to the staff of TOR at an end-of-year gathering.

Osei told that staff that: “I also want to say that I hope that Tema Oil Refinery will continue with this new tradition that we’ve started. We may not necessarily be on these grounds, we could be anywhere else, probably in the official residence of the MD, because you’ve won that place.

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Source: Yen

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