A former Goldman Sachs investment banking executive director, Asante Kwaku Berko, was convicted by a federal jury in Brooklyn on August 6 for his role in a bribery scheme involving a multimillion-dollar power plant project in Ghana.
The dual citizen of the US and Ghana faces up to 30 years in prison for conspiring to pay over $1 million in bribes to Ghanaian officials. The scheme aimed to secure a bid for a Turkish energy company to build and operate the plant during Ghana’s 2014 energy crisis.
Bribery Scheme and Convictions
Berko was found guilty of conspiracy to violate the Foreign Corrupt Practices Act (FCPA), violating the FCPA, and money laundering conspiracy. The US Department of Justice (DoJ) stated that he used shell companies, fake invoices, nominee account holders and cash withdrawals to conceal the bribes, which were laundered through US and foreign bank accounts, including several in Berko’s name.
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Evidence revealed plans to pay $1 million to Ghana’s power minister and $5,000 bribes to five officials during an all-expenses-paid trip to Turkey to view equipment for the plant. Berko also personally paid tens of thousands in bribes. The Ghanaian parliament approved the deal in July 2015, after which Berko and his co-conspirators discussed the bribes via email.
Extradition and Previous SEC Action
Berko was extradited to the US from the UK in July 2024 to face charges. He was initially arrested in November 2022 under an Interpol Diffusion Notice. In June 2021, the Securities and Exchange Commission (SEC) secured a final judgment against him, permanently forbidding him from breaching the anti-bribery provision of the FCPA and section 30A of the Securities Exchange Act, and ordering repayment of $275,000 in gains plus $54,000 in interest.
Official Responses and Prosecution Team
Assistant Attorney General Tysen Duva stressed the importance of fair competition in global markets, stating that Berko’s actions corrupted this principle. Matthew Floyd of the FBI’s Criminal Division criticized Berko’s dishonesty and corruption. The government’s case is being handled by the business and securities fraud section of the US Attorney’s Office for the Eastern District of New York, and the fraud section of the DoJ’s Criminal Division. Assistant US attorneys Jessica Weigel, Nick Axelrod and Tara McGrath are prosecuting the case with assistant chief Katherine Raut and senior trial attorney Katherine Nielsen.