In 2020, Asante Berko settled a case with the SEC by agreeing to pay $329,000. Shortly after the settlement, a criminal indictment was filed in Brooklyn, New York. In November of 2022, Berko arrived in London at Heathrow Airport and was then arrested; charged with conspiring with two Ghanaian officials and four other individuals to benefit Goldman Sachs, himself, and a Turkish energy company. The scheme began to unravel when Goldman Sachs discovered the payments. Join Michael Volkov as he examines the recidivist case of Asante See more +

In 2020, Asante Berko settled a case with the SEC by agreeing to pay $329,000. Shortly after the settlement, a criminal indictment was filed in Brooklyn, New York. In November of 2022, Berko arrived in London at Heathrow Airport and was then arrested; charged with conspiring with two Ghanaian officials and four other individuals to benefit Goldman Sachs, himself, and a Turkish energy company. The scheme began to unravel when Goldman Sachs discovered the payments. Join Michael Volkov as he examines the recidivist case of Asante Berko’s FCPA violations. Highlights of this podcast:

1. Berko orchestrated the bribery scheme between 2014 and 2017 to secure an electrical power contract from the Ghanaian government for the Turkish energy company. They were attempting to secure a power purchase agreement (PPA) or an emergency power agreement (EPA) with Ghana, which required the approval of certain Ghanaian officials and entities, including a senior Ghanaian official and the Executive Cabinet and Parliament.

2. In seeking reimbursement for the bribes Berko and his conspirators paid, he falsified invoices for consulting services allegedly provided by a Ghanaian consulting company, which the Turkish energy company then paid. The payments were routed through correspondent banks in the US.

3. Michael comments that Violators of FCPA often disregard the laws and delusions that their obvious crimes will remain undiscovered and uninvestigated, Michael comments.

4. Goldman Sachs officials began questioning the Turkish energy company about the payments to the Ghana consulting Company that appeared in their financial analysis. Despite the reassurance of Co-conspirator Number 3, Goldman Sachs conducted a due diligence review of the transaction and various email accounts and communications, including personal accounts used by Berko and others for incriminating conversations.

Tune in to the Corruption, Crime & Compliance podcast to learn more about The Curious FCPA Case of Asante Berko. See less -