Asante Kwaku Berko: Ex-TOR MD and Goldman Sachs Banker Convicted Over $1 Million Bribery Scheme
- A US federal jury found former Tema Oil Refinery managing director Asante Kwaku Berko guilty on all counts after a nine-day trial in Brooklyn
- The dual US-Ghanaian citizen and ex-Goldman Sachs executive faced charges tied to a $1 million bribery scheme involving Ghanaian officials
- The US Attorney's Office for the Eastern District of New York announced the verdict in a press release on Thursday, August 6, 2026
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Asante Kwaku Berko, a former managing director of the Tema Oil Refinery (TOR) and one-time Goldman Sachs investment banker holding dual US-Ghanaian citizenship, has been convicted by a US federal jury over a $1 million bribery scheme.
Source: Twitter
The former banker's bribery case is linked to a power plant development project in Ghana.
The verdict was announced in a press release on Thursday, August 6, 2026, by the US Attorney's Office for the Eastern District of New York.
Berko was found guilty on all counts following a nine-day trial before US District Judge Diane Gujarati at a federal court in Brooklyn, New York.
The former Tema Oil Refinery (TOR) managing director faces up to 30 years in prison, with the court ordering his remand pending his eventual sentencing.
Berko's role in $1 million bribery scheme
Prosecutors established that Kwaku Berko orchestrated a scheme involving more than $1 million (USD) in payments channelled to Ghanaian government officials in connection with the development and financing of a power plant estimated to generate hundreds of millions of dollars in profits.
The project involved a Turkish company in which Goldman Sachs held a 16 per cent stake. Raut alleged that Berko deliberately circumvented the bank's internal compliance systems, routing the funds through American financial institutions to conceal their purpose.
To hide the scheme from the firm and others, the former TOR official lied to the compliance team at Goldman that was responsible for vetting the deal.
He also reportedly used his personal email account, instead of his Goldman business email account, to discuss the deal and the bribe payments and directed his co-conspirators to do the same.
In addition, Berko and his co-conspirators concealed and laundered the bribe payments using shell companies, sham invoices, nominee account holders and cash withdrawals.
Payments in furtherance of the bribery scheme were laundered through U.S. and foreign bank accounts.
Goldman Sachs was not accused of any wrongdoing and co-operated fully with authorities.
The bank ultimately withdrew from the project after internal reviews raised red flags.
Among the evidence presented, the court heard about a 2015 message sent to Berko stating that a Ghanaian official was "waiting for the 'holy rain'", a communication prosecutors argued was indicative of the broader corruption scheme.
The payments were tied to efforts to secure approvals and facilitate the development of a power plant in Ghana.
The charges on which Berko was convicted included conspiracy to violate the Foreign Corrupt Practices Act (FCPA), an actual violation of the FCPA, and conspiracy to commit money laundering.
The FCPA is a US law that prohibits American citizens and companies, as well as foreign firms listed on US exchanges, from bribing foreign government officials to obtain or retain business.
From Goldman Sachs to federal court
Before his role at the Tema Oil Refinery, Berko built a career at Goldman Sachs, one of the world's most prominent investment banks.
His dual citizenship meant he fell squarely within the jurisdiction of US federal prosecutors pursuing foreign corruption cases.
The Eastern District of New York has been increasingly active in prosecuting FCPA violations involving African business dealings.
Berko's conviction marks a significant moment in that record, given the seniority of his former corporate positions and the direct involvement of Ghanaian public officials in the alleged scheme.
The X post announcing the conviction of Asante Kwaku Berko is below:
US court convicts fraudster Derrick Van Yeboah
Earlier, YEN.com.gh reported about Derrick Van Yeboah, a 41-year-old Ghanaian national sentenced to 85 months in federal prison in the United States for his involvement in an international fraud syndicate that defrauded victims of over $100 million.
His case underscored the critical collaboration between Ghanaian authorities and U.S. law enforcement in combating cybercrime.
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Source: YEN.com.gh
