Torentco deal: AG’s concerns will be addressed in final due diligence – TOR Board

The Board of the Tema Oil Refinery (TOR) states that issues raised by the Attorney General and Minister of Justice, Godfred Dame, regarding Torentco Asset Management Limited (TAML) as a lessee of TOR are expected to be confirmed as part of the final due diligence and the completion of the various conditions precedent to the transaction.

Mr. Dame said his office was not in a position to vouch for the credibility of TAML as a lessee of TOR.

This follows the submission of a Due Diligence Report (DDR) for a reassessment of Torentco’s credibility by the General Transport, Petroleum, and Chemical Workers Union (GTPCWU) of the Trades Union Congress (TUC) of Ghana.

Mr. Dame indicated in a statement issued on November 24 that “From the DDR, TAML has no financial and technical capacity to undertake the proposed transaction. TAML has no established affiliation with Vitol or with any other company, which has the needed funds and technical capacity to undertake the Proposed Lease Transaction and without whose support TAML lacks the financial and technical capacity to undertake its obligation under the Proposed Lease Transaction.”

TOR Board, in a statement issued on Sunday, said, “The issues raised in the Attorney General’s letter are well understood by the board and management of TOR but happen to be items that are expected to be confirmed as part of the final due diligence and the completion of the various conditions precedent to the transaction.”

The Board said it was committed to maintaining the highest standards of integrity, ethics, and governance in the discharge of its duties and in keeping with the personal values of its members.

“The return to a thriving work environment where the staff can once again be proud to be employed by TOR, and the general upliftment of staff morale, is also a key priority for the board,” it added.

Read the full statement from the Board of Tema Oil Refinery (TOR) Ltd here

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