Asante K. Belko
Former Managing Director of Tema Oil Refinery (TOR) in Ghana. Arrested for allegedly plotting to bribe Ghanaian government officials He worked for investment bank Goldman Sachs Group Inc. and was extradited from Britain to the United States to face charges.
Asante Kwaku Belko, a dual U.S.-Ghanaian citizen, is scheduled to appear before Magistrate Judge Lois Bloom in Brooklyn federal court today to face charges of violating the Foreign Corrupt Practices Act (FCPA) and money laundering for allegedly bribing Ghanaian government officials to secure a power plant deal and then laundering the payments through the U.S. financial system.
On Monday, July 15, Belko was extradited from the UK, where he was arrested on November 3, 2022, to the Eastern District of New York pursuant to an Interpol Dissemination Notice.
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The extradition was announced by United States Attorney for the Eastern District of New York, Breon Peace, Principal Deputy Assistant Attorney General in Charge of the Criminal Division, Nicole M. Argentieri, and Acting Assistant Director in Charge of the FBI’s New York Field Office, Christy M. Curtis.
“As alleged, the defendants exploited the U.S. banking system to carry out a scheme and bribe Ghanaian government officials to obtain lucrative development contracts,” U.S. Attorney Peace said. “My office is committed to rooting out bribery and other criminal activities that create injustice in the domestic and international business communities and exploit the U.S. banking system.”
Mr. Peace expressed his gratitude to the UK Government, INTERPOL’s UK National Centre Station, the US Embassy in London, the State Department’s Bureau of International Affairs and the US Marshals Service for their significant assistance in securing the defendants’ arrests and extradition.
“Over a period of more than two years, Assante Berko, a dual U.S.-Ghanaian citizen, is accused of bribing Ghanaian government officials in an attempt to monopolize promising business deals and using U.S. bank accounts to transfer the bribes. Financially influencing decision-makers, including overseas actors, endangers the integrity of the affected countries while providing an unfair advantage to those furthering the bribery scheme. The FBI will not tolerate citizens, regardless of nationality, using foreign countries and our country to facilitate the movement of illicit payments to obtain corrupt contracts,” said FBI Deputy Director Curtis.
As described in the indictment, between approximately December 2014 and March 2017, Belko conspired with others to bribe Ghanaian government officials in connection with the development and financing of a multi-million dollar power plant in Ghana. As an executive officer in the investment banking division of a subsidiary of a U.S. bank, Belko was responsible for securing and managing a transaction between a client, a Turkish energy company, and the Republic of Ghana for the construction and financing of a power plant in Ghana.
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During the scheme, Belko and co-conspirators paid hundreds of thousands of dollars in bribes to parties, including Ghanaian officials, to help a Turkish energy company win a bid to build and operate the power plant. For example, bribes were paid to five Ghanaian officials, who received $5,000 each, during an all-expenses-paid visit to Turkey in April 2015 to inspect the power plant’s facilities. After the power plant deal was approved by the Ghanaian Parliament in July 2015, Belko and co-conspirators exchanged emails detailing the bribe payments.
In August 2015, they discussed $250,000 in bribes paid to various individuals, including $20,000 to “MoP Girls” attached to the Ghanaian Ministry of Power who one of the conspirators described as “vital to our communications and intelligence gathering.” The emails further detailed tens of thousands of dollars in bribes paid personally by Belco, as well as amounts owed to Belco. Payments in furtherance of the bribery scheme were laundered through U.S. and foreign bank accounts, including accounts in Belco’s name.
The charges in the indictment are allegations and the defendants are presumed innocent unless proven guilty. If convicted, Belko faces up to 20 years in prison for the money laundering conspiracy count and up to five years in prison each for violating the FCPA and conspiracy to violate the FCPA.
Read also: Former TOR boss Assante Berko to pay $329K to settle US SEC bribery case
The FBI’s International Corruption Unit conducted this investigation. The Government’s case is being handled by the FBI’s Business and Securities Fraud Section. Assistant United States Attorneys Alixandra Smith, Jessica Weigel and Tara McGrath are in charge of the prosecution, along with Trial Attorney Elina Rubin Smith of the Justice Department’s Criminal Division’s Fraud Section.
The Department of Justice’s Bureau of International Affairs worked with the British Government, Interpol’s UK Central Office, and the U.S. Marshals Service to secure Belko’s arrest and extradition.
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