A United States federal jury has found former Goldman Sachs investment banker Asante Kwaku Berko guilty of orchestrating a bribery scheme linked to a major power generation project in Ghana.
The verdict, delivered on Thursday in a federal court in Brooklyn, convicted the 52-year-old on charges of conspiring to breach the Foreign Corrupt Practices Act (FCPA), violating the anti-corruption law and participating in a money laundering conspiracy.
Berko, who holds both Ghanaian and American citizenship, was tried over nine days before U.S. District Judge Diane Gujarati.
Following the ruling, the court ordered that he remain in detention until sentencing.
He could receive a prison term of up to 30 years.
The conviction was announced jointly by the U.S. Attorney’s Office for the Eastern District of New York, the Department of Justice’s Criminal Division and the Federal Bureau of Investigation (FBI).
Reacting to the outcome, U.S. Attorney Joseph Nocella Jr. said the decision reflected the government’s determination to combat corruption involving international business transactions.
He accused Berko of exploiting his senior position at one of America’s leading financial institutions and his relationships with influential foreign officials for personal financial gain.
Assistant Attorney General A. Tysen Duva said the case demonstrated Washington’s resolve to protect fair competition in global commerce.
According to him, corrupt practices distort legitimate business opportunities and disadvantage companies that compete lawfully.
He added that the ruling serves as a warning that those involved in bribing foreign public officials will be prosecuted.
Court evidence showed that while serving as an Executive Director in Goldman Sachs’ Investment Banking Division, Berko allegedly worked with others to facilitate illicit payments exceeding one million dollars to Ghanaian public officials.
Prosecutors said the payments were intended to secure approvals for a power project involving Turkish energy company Aksa Enerji Uretim A.S., a client of Goldman Sachs, during Ghana’s electricity supply challenges in 2014 and 2015.
Investigators told the court that discussions among the conspirators included plans to pay one million dollars to Ghana’s then Minister of Power and an additional 250,000 dollars to a senior adviser connected to the ministry.
The prosecution also alleged that several Ghanaian officials benefited from a fully funded visit to Turkey to inspect equipment associated with the proposed project.
Following Parliament’s approval of the agreement in July 2015, the conspirators allegedly exchanged messages discussing additional payments, including funds earmarked for individuals connected to the legislative approval process.
Evidence presented during the trial included communications in which one participant reportedly referred to an expected payment as “holy rain,” a phrase prosecutors argued was code for a bribe.
The government further alleged that Berko concealed the operation by misleading Goldman Sachs’ internal compliance department, communicating through personal email accounts and encouraging associates to avoid official company channels.
Prosecutors said the funds were disguised through shell companies, fictitious invoices, nominee bank accounts and cash transactions before being transferred through financial institutions in the United States and abroad.
Goldman Sachs eventually withdrew its involvement in the transaction after concerns emerged regarding possible corrupt activities.
FBI Assistant Director in Charge James C. Barnacle Jr. praised the cooperation among international law enforcement agencies, describing the case as an example of successful cross-border collaboration against financial crime.
Authorities also acknowledged assistance from the United Kingdom, INTERPOL, the U.S. Marshals Service, the Department of Justice’s Office of International Affairs and the U.S. Embassy in London in securing Berko’s arrest and extradition.
The prosecution was led by the Business and Securities Fraud Section of the U.S. Attorney’s Office for the Eastern District of New York together with the Fraud Section of the Justice Department’s Criminal Division.
Berko remains in custody while awaiting sentencing.
By: Magdalene Agyeiwaa Sarpong