Asante Kwaku Berko, a former investment banker with Goldman Sachs, has been convicted by a federal jury in Brooklyn on charges of foreign bribery and money laundering. The verdict followed a nine-day trial and found Berko guilty on all counts of an indictment. He faces a potential sentence of up to 30 years in prison.
Berko, a dual citizen of the United States and Ghana, orchestrated a scheme to pay more than $1 million in bribes to multiple Ghanaian government officials. This was in connection with the development and financing of a power plant in Ghana. The power plant was estimated to generate hundreds of millions of dollars in profits.
This conviction highlights ongoing concerns about corruption impacting significant infrastructure projects in Ghana. Such illicit activities can deter foreign investment and undermine public trust in government processes. Ghana has been working to improve its business environment and combat corruption, making this case particularly relevant.
United States Attorney Joseph Nocella, Jr. stated that the verdict marks a significant victory in rooting out corruption. He added that Berko abused his access to high-level foreign government officials and his position at a prestigious American firm to enrich himself. Assistant Attorney General A. Tysen Duva emphasized that the Department of Justice will pursue criminals who corrupt foreign governments and stifle fair competition.
The conviction sends a strong message to individuals and corporations involved in international business dealings with Ghana. It underscores the commitment of international law enforcement to prosecute foreign bribery and money laundering. This outcome may lead to increased scrutiny of future large-scale government contracts and partnerships in Ghana, potentially influencing investor confidence and due diligence processes.
Berko's involvement began in December 2014 as an Executive Director in Goldman Sachs' Investment Banking Division. He was responsible for securing a deal between the Republic of Ghana and Aksa Enerji Uretim A.S., a Turkish energy company and Goldman client. The deal was for the construction and financing of a power plant during a national energy crisis in Ghana.
During the scheme, Berko and his co-conspirators paid and conspired to pay bribes to officials at various levels of the Ghanaian government. This ensured Aksa won its bid to build and operate the power plant. For example, in April 2015, discussions involved paying $1 million to the Ghanaian Minister of Power and $250,000 to his senior adviser. These payments were to secure key approvals for the project.
Bribes were also paid to five Ghanaian officials during an all-expenses-paid trip to Turkey to view equipment for the power plant. After the Ghanaian parliament ratified the power plant deal in July 2015, Berko and his co-conspirators exchanged detailed emails regarding bribe payments. In August 2015, they discussed $250,000 in bribe payments, including $46,000 to members of the Ghanaian Parliament, paid by Berko himself.
To hide the scheme from Goldman, Berko lied to the firm's compliance team. He also used his personal email account for discussions about the deal and bribe payments, instructing co-conspirators to do the same. They further concealed and laundered bribe payments using shell companies, sham invoices, nominee account holders, and cash withdrawals. Goldman Sachs ultimately withdrew from the deal due to corruption concerns.