The Attorney General, Godfred Yeboah Dame has expressed concerns about the credibility of Torrentco Asset Management Limited (TAML), the prospective lessee in the proposed lease transaction with Tema Oil Refinery (TOR).
The Attorney General has stated that TAML lacks the necessary financial and technical capacity to carry out the transaction.
This appraisal comes in response to a request from the General Transport, Petroleum, and Chemical Workers Union of the Trades Union Congress (TUC), Ghana, for a reassessment of Torentco’s credibility.
The union has raised suspicions about the lease agreement between TOR and TAML, deeming it to be shady and seeking to prevent its implementation.
In its evaluation, the Attorney General revealed that TAML has not established any affiliation with Vitol or any other company that possesses the required funds and technical capabilities to undertake the proposed lease transaction. Without the support of Vitol, TAML lacks the resources needed to fulfill its obligations under the lease agreement.
Furthermore, the Attorney General’s statement highlights that TAML lacks the necessary licenses and documentation to carry out the proposed lease transaction.
Proceeding with the project would be a violation of the law, cautioned the Minister.
With the Attorney General raising alarming concerns over TAML’s credibility and the absence of essential licenses and documentation, the future of the lease transaction with Tema Oil Refinery remains uncertain.
The Minister’s warning against proceeding with the agreement highlights the potential legal ramifications involved.
In a statement in response to an evaluation request, the Attorney General said Torrentco has no financial and technical capacity to undertake the proposed transaction.
This follows the submission of a Due Diligence Report for a reassessment of Torentco’s credibility by the General Transport, Petroleum, and Chemical Workers Union of the Trades Union Congress (TUC), Ghana.
The union insists that the lease agreement between TOR and TAML is shady, for which reason it is doing everything to halt the agreement.
The Attorney General further revealed that the company has not established affiliation with Vitol or with any other company, which has the needed funds and technical capacity to undertake the Proposed Lease Transaction.
The statement clearly notes that without the support of Vitol, Torrentco Assets Management Limited lacks the financial and technical capacity to undertake its obligation under the Proposed Lease Transaction.
The company according to the Ministry, lacks the requisite licenses and documentation to undertake the proposed lease transaction.
The Ministry warns that proceeding with the project will be contrary to the law.
By Vincent Kubi