TOR’s Board of Directors must go - GTPCWU-TUC

The General Transport, Petroleum, and Chemical Workers Union of the Trades Union Congress (GTPCWU-TUC) has asked the government to let the management of the Tema Oil Refinery go.

According to the group, the Board of Directors have been incompetent in their dealings.

The group said the current Board of Directors (BOD) has shown and demonstrated the highest level of incompetence, and their continuous stay in office is inimical to the integrity of the appointing authority and a drain on the public purse.

They also raised concerns over the sale of the refinery to a company named Torentco Asset Management, an entity that has changed its name several times.

“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's charge for citizenship and not spectators, we bring your attention to the latest development with this particular entity (Torentco Asset Management Limited),” the group said in a statement.

Here is the 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.

SSD/NOQ

Watch the latest edition of BizTech below:



Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Watch the latest edition of BizHeadlines below

Click here to start the nomination process for the 2023 GhanaWeb Excellence Awards