Asante Kwaku Berko, a former Goldman Sachs banker and dual citizen of the US and Ghana, could face up to 30 years in prison for his role in a bribery scheme involving Ghanaian officials. On August 6, a federal jury in Brooklyn found him guilty of conspiring to pay over $1 million in bribes to secure a power plant deal in Ghana.
The charges against Berko include conspiracy to violate the Foreign Corrupt Practices Act (FCPA), violating the FCPA, and money laundering conspiracy. According to the US Department of Justice (DoJ), these charges stem from his efforts to influence Ghanaian officials in favor of a Turkish energy company seeking to build and finance the power plant.
Background on the Case
In 2014, Berko was assigned to manage a deal between a Turkish energy firm, a Goldman Sachs client, and the Ghanaian government for the construction and financing of a power plant. At the time, Ghana was grappling with a severe energy shortage.
Berko and his associates allegedly offered bribes to several Ghanaian officials to ensure the Turkish company won the contract. In April 2015, they reportedly planned a $1 million payment to the power minister, while five other officials received $5,000 bribes during a sponsored trip to Turkey.
Investigation and Conviction
To conceal the bribery scheme, Berko employed various methods, including shell companies, fraudulent invoices, proxy account holders, and cash transactions. The illicit funds were moved through bank accounts in the US and abroad, some registered under Berko’s name.
Read Also: Zambia court clarifies dispute resolution in complex contracts
Goldman Sachs withdrew from the project due to corruption concerns. Berko was extradited to the US in July 2024 after his arrest in the UK in November 2022, following an Interpol Diffusion Notice.
This is not Berko’s first encounter with US legal authorities. In June 2021, the Securities and Exchange Commission (SEC) obtained a judgment against him for the same bribery scheme, permanently forbids him from breaching the anti-bribery provision of the FCPA and section 30A of Securities Exchange Act.
Reaction from Authorities
Tysen Duva, Assistant Attorney General at the DoJ’s Criminal Division, emphasized that the conviction sends a strong message to those who undermine US interests through foreign corruption. He said Berko “abused his position at a world-renowned American investment bank by helping bribe Ghanaian officials, so he and his co-conspirators, including senior executives at a Turkish company, could make money.” Duva added that criminals who undermine the US’ interests by corrupting foreign governments will face the full force of the Department of Justice.
Matthew Floyd, acting assistant director at the FBI’s Criminal Division, noted that Berko intentionally lied to his company to continue his scheme. The case is being prosecuted by the US Attorney’s Office for the Eastern District of New York and the DoJ’s Criminal Division’s fraud section.