General Transport, Petroleum and Chemical Workers’ Union of the Trades Union Congress (GTPCWU-TUC) has urged President Akufo-Addo to restore maturity in corporate governance at the Tema Oil Refinery’s Board of Directors’ level for integrity-driven decisions.
According to GTPCWU-TUC, the current Board of Directors (BOD) have shown and demonstrated the highest level of incompetence, and their continuous stay in the office is inimical to the integrity of the appointing authority and a drain on the public purse.
Their argument is premised on alleged shady dealings being perpetuated by the BOD in securing a credible strategic partner for TOR.
“The current BOD of TOR is set up not based on competence but only on political considerations. As a result of this, they have tolerated and wasted our time over an Entity whose incorporated name started with Decimal Capital/VITOL, then changed to Baybridge Asset Management Limited, later to Torentco Asset Management Limited and now Tema Energy and Processing Limited, within a period of 18 months.
“All the changes or evolutions of names are shrouded under the pretense of “a new SPV”, to cover one scandal or the other. As responsible citizens and key internal stakeholders of the refinery, who share in the President charge for citizenship and not spectators, we bring your attention to the latest development with this particular entity (Torentco Asset Management Limited).
“As it stands now, due to the damming findings of the due diligence report, the surrogate of Torentco wearing the clothing of TOR BOD has allowed or tolerated a new SPV by name Tema Energy and Processing Limited with shares allocation of 40% to CAD Investment Holdings, 40% to Torentco and 20% to TOR Workers Charity Trust,” the group revealed.
They further accused the BOD of inducing workers and rewarding compromised workers front with shares in the new special purpose vehicle to push through their plans when it should have gone through management for a comprehensive workforce engagement.
“On the blind side of 99% of TOR workers and executive management, some few executives of TOR’s local UNICOF executives (Abu Abass Bugubie, Bright Adongo) and their cohorts (Albert Amoako Adjei, Scott Tsevia and Emmanuel Abankwah) have secured an agreement with Torentco to incorporate an entity by guarantee in order to benefit from a 20% shares in the new SPV (Tema Energy and Processing Limited) without recourse to workers and management,” the group said.
They added that “We will seek to remind executive management, especially the acting MD to do the needful with all the evidence available to establish orderliness in TOR, if these BOD members, the compromised TOR-UNICOF executives and their cohorts should be made to freely walk in the refinery.”
Read full statement below:
Ladies and gentlemen of the press, on this special 60th anniversary year of the Tema Oil Refinery, we (GTPCWU-TUC) would have wished to outline the great achievement of TOR since its Board of Directors were commissioned to secure a credible strategic partner for TOR some 18 months ago. Interestingly, not only has the Board of directors-micro-managed by Mr. Adomako, (the BOD Chairman), Mr. Apenteng and Mrs. Sapara Grant- shown and demonstrated the highest level of incompetence, but their continuous stay in office is inimical to the integrity of the appointing authority and a drain to the public purse. The current BOD of TOR is set up not based on competence but only on political considerations. As a result of this, they have tolerated and wasted our time over an Entity whose incorporated name started with Decimal Capital/VITOL, then changed to Baybridge Asset Management Limited, later to Torentco Asset Management Limited and now Tema Energy and Processing Limited, within a period of 18 months.
Ladies and gentlemen, all the changes or evolutions of names are shrouded under the pretense of “a new SPV”, to cover one scandal or the other. As responsible citizens and key internal stakeholders of the refinery, who share in the President charge for citizenship and not spectators, we bring your attention to the latest development with this particular entity (Torentco Asset Management Limited). As it stands now, due to the damming findings of the due diligence report, the surrogate of Torentco wearing the clothing of TOR BOD has allowed or tolerated a new SPV by name Tema Energy and Processing Limited with shares allocation of 40% to CAD Investment Holdings, 40% to Torentco and 20% to TOR Workers Charity Trust.
Ladies and gentlemen, this mischievous attempt by these actors who also double as board of directors not only smacks a conflict of interest, and inducement of workers, but also an attempt to secretly reward some compromised workers front. Fellow Ghanaians, on the blind side of 99% of TOR workers and executive management, some few executives of TOR’s local UNICOF executives (Abu Abass Bugubie, Bright Adongo) and their cohorts (Albert Amoako Adjei, Scott Tsevia and Emmanuel Abankwah) have secured an agreement with Torentco to incorporate an entity by guarantee in order to benefit from a 20% shares in the new SPV (Tema Energy and Processing Limited) without recourse to workers and management.
In our singular position, ladies and gentlemen, if this gesture or decision ticks the prudence, ethical and conflict of interest boxes, shouldn’t it have gone through management for a comprehensive workforce engagement and establishment of the right modalities and structures? Unless this is just a cover-up to reward this section of workers who also double as Torentco surrogates within the refinery.
Ladies and gentlemen, we are by this press release pleading with His Excellency, the President (Nana Addo Danquah Akufo Addo) to restore maturity in corporate governance at TOR’s BOD level for integrity-driven decisions. We equally, will seek to remind executive management, especially the acting MD to do the needful with all the evidence available to establish orderliness in TOR, if these BOD members, the compromised TOR-UNICOF executives and their cohorts should be made to freely walk in the refinery. Thank YOU.
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