Former Goldman Sachs Investment Banker Convicted of Foreign Bribery and Money Laundering in Ghana Deal

A former Goldman Sachs Group Inc. banker, Kwaku Asante Berko, who also served as the Managing Director of the Tema Oil Refinery (TOR), has been convicted of paying more than $1 million in bribes related to the development of a power plant in Ghana. Berko, 52, and his associates allegedly paid high-ranking Ghanaian government officials over $1 million a decade ago to approve the development and financing of the multi-million dollar power plant, prosecutor Katherine Raut told a federal jury in Brooklyn, New York. Berko, a dual citizen of the United States and Ghana, was convicted by the jury on all counts, including conspiracy to violate the Foreign Corrupt Practices Act (FCPA), violating the FCPA, and money laundering conspiracy. The verdict followed 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, stated that the verdict marks a significant victory in the office's commitment to rooting out corruption, adding that the defendant abused his access to high-level officials and his position at a prestigious American firm to enrich himself. Assistant Attorney General Duva of the Justice Department’s Criminal Division emphasized that the defendant corrupted fair competition in the global economy by bribing Ghanaian officials, and that criminals undermining U.S. interests will face the full force of the Department of Justice. The FBI highlighted the importance of domestic and international partnerships in achieving this justice.

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Today’s verdict marks another significant victory in this Office’s longstanding commitment to rooting out corruption.