Brooklyn: Former Goldman Sachs investment banker Asante Kwaku Berko has been convicted on all charges related to bribing Ghanaian officials in a power plant deal. The United States Attorney's Office for the Eastern District of New York announced the conviction.
According to Ghana Web, the federal jury in Brooklyn found Berko guilty of conspiracy to violate the Foreign Corrupt Practices Act (FCPA), violating the FCPA, and conspiracy to commit money laundering. Berko, a dual U.S. and Ghanaian citizen, faces up to 30 years in prison. The conviction is the result of a nine-day trial presided over by United States District Judge Diane Gujarati.
Joseph Nocella, Jr., United States Attorney for the Eastern District of New York, commented on the case, emphasizing the commitment to combating corruption. "Today's verdict marks another significant victory in this Office's longstanding commitment to rooting out corruption," said Nocella. He highlighted Berko's misuse of his position to gain financial benefits by engaging in corrupt practices.
The case involves Berko's role in facilitating bribes to Ghanaian officials to secure a deal for Aksa Enerji Uretim A.S., a Turkish energy company, during Ghana's national energy crisis. Bribes exceeding $1 million were paid to ensure the company won its bid to construct and operate the power plant.
Berko, a former Executive Director in the Investment Banking Division at Goldman Sachs, was implicated in discussions about paying $1 million to the Ghanaian Minister of Power and $250,000 to the minister's senior adviser. Bribes were also paid to five Ghanaian officials during a trip to Turkey. After parliamentary ratification of the deal in July 2015, further bribe payments were discussed, including $46,000 to Ghanaian Parliament members.
Efforts to conceal the bribery involved misrepresentations to Goldman's compliance team, use of personal email accounts, and laundering payments through shell companies and foreign bank accounts. Goldman Sachs ultimately withdrew from the deal due to corruption concerns.
The prosecution team included Assistant United States Attorneys Jessica Weigel, Nick M. Axelrod, and Tara McGrath, among others, with assistance from various specialists. The case underscores the collaborative efforts of domestic and international agencies in combating financial crimes.