The General Transport and Petroleum Chemical Workers Union (GTPCWU) has leveled accusations against the Board of Directors of the Tema Oil Refinery (TOR), alleging mismanagement that has purportedly left the refinery’s operations in limbo.
Speaking at a press conference in Accra, the Chairman of the union, Bernard Owusu, expressed concern over the activities at TOR, attributing the challenges to the inadequacies of the board. Mr. Owusu claimed that, despite 22 months in office and over 40 meetings, the board has failed to secure a credible partner for TOR, citing their reluctance to engage with all interested potential partners.
The chairman accused the board of forcing the refinery’s management to pay GH¢1.3 million for the first due diligence report (DDR) on Torrenco Asset Management Limited (TAML), and an additional GH¢300,000 for another DDR on Tema Energy and Processing Ltd (TEPL). He questioned the board’s selection process, alleging a lack of transparency.
Mr. Owusu alleged that the board struggled for nearly two years to identify the alleged fraudulent nature of the people behind TEPL. He claimed that the board failed to mention a single credible firm in the energy or financial sector that would support the financial promises made by TEPL.
As the 100 per cent shareholder, the chairman said the government must have enough confidence in the viability of TOR and be prepared to agree on a sovereign guarantee that backed any investor.
He, therefore, questioned why all three prospective partners were missed merely based on their request for a sovereign security for their investment.
The chairman also expressed surprise that the board issued a press release which mentioned TEPL’s incorporation of a new Special Purpose Vehicle (SPV) by name, Tema Energy and Processing Limited.
Mr Owusu alleged that TEPL was conniving with the board to find its way into TOR for ulterior motives.
According to him, as long as TEPL held shares in the new SPV and the core directors remained the same, no new due diligence report would suffice.
Attempts to reach the board of directors has not been successful.
However, in a statement it released in October last year, it denied claims of mismanagement.
The board emphasised that its members were highly qualified and respected individuals dedicated to guiding and overseeing the company’s strategy, performance and governance.
It also stressed that it had always acted with integrity, professionalism and in the best interests of the company, shareholders and stakeholders.
The board also deemed the union’s description of them as “incompetent” to be an affront to its dignity and announced that they had initiated investigations to clarify circumstances behind such media reports.