Ghana: TOR Workers Reject Dubiously Created TOR Workers’ Charity Trust As Partner In TOR-Torentco Deal

There is growing anger by the staff of the Tema Oil Refinery (TOR) against five of their colleagues and two Board members for secretly registering an entity by the name ‘TOR Workers’ Charity Trust’ to take up shares in the controversial TOR-Torentco deal without the concerns of the over 500 workers.

The workers accused two Board members—Mr Leon Kendon Apenteng and Mrs. Edith Sapara Grant—of conniving with two management staff, two UNICOF executives and one junior staff to register TOR Workers’ Charity Trust on 29 August 2023, in a grand scheme to ensure that the controversial TOR-Torentco deal goes through.

It would be recalled that last week, energynewsafrica.com reported that the Ministry of Energy had written to the Acting Managing Director of TOR, indicating that it had noticed a change in the counterparty from ‘Torentco Asset Management Limited (TAML)’ to Tema Energy and Processing Limited (TEPL)’ as the new lessee for the proposed transaction.

“We wish to indicate a ‘No Objection’ to the change in the counterparty to TEPL for the agreement based on the rationale that this diversifies the investor base and includes the TOR Workers Charity Trust in the new Special Purpose Vehicle (SPV) for improved transaction transparency.

“We also wish to advise that TOR’s laboratory, the Residual Fluid Catalytic Cracking (RFCC) and its supporting process unit, utility equipment and other ancillaries deemed vital to the RFCC operations should be added to the Leased assets, and relevant obligations placed on the TEPL to restore and make them fit for purpose during the lease term,” portions of the letter said.

The workers were shocked after noticing that some of their colleagues had joined forces with ‘the proponent’ of the TOR -Torentco deal for their selfish gains.

Armed with the information, the workers, led by some union executives, started digging for information to know those behind the formation of the TOR Workers Charity Trust Fund.

To their amazement, a search at the Registrar General’s Department revealed that Bright Adongo and Abass Abu, both members of UNICOF, Albert Agyei Amoako and Emmanuel Antwi Abankwah, both management staff, and Scoff Tsevia, junior staff, were the brains behind the TOR Workers’ Charity Trust Fund.

This has infuriated the workers and accused their colleagues of engaging in dubious acts.

The workers drew the attention of the Ministry of Energy to the effect that the TOR Workers’ Charity Trust Fund is the creation of greedy and selfish elements and not the creation of the entire workforce.

The Energy Ministry on Tuesday, October 3, 2023, met the Acting Managing Director of TOR, Mr. Daniel Appiah, and the Executives of the General Transport Petroleum and Chemical Workers Union on the matter.

After an extensive discussion on the matter, the sector Minister, Dr Matthew Opoku Prempeh, directed the workers to petition the Management of TOR over the dubious act by their colleagues.

He again directed the Acting Managing Director to ensure that the issue was resolved expeditiously to bring industrial harmony to the refinery.

Following Tuesday’s meeting with the Minister for Energy, the Tema Oil Refinery workers held a durbar on Wednesday morning to discuss the issue.

Addressing the workers, the National Chairman of General Transport Petroleum and Chemical Workers Union, Brother Bernard Owusu noted that the current board members of TOR were not appointed based on competence.

He said their stay has not helped the refinery and urged President Akufo-Addo to change them.

Checks at the registrar General Department revealed that Michael Darko Obeng, the Managing Director of Toronto Asset Management Limited, Frederick Hesse-Tetteh, Christopher Hesse-Tetteh, and Samuel Sarpong Jnr are Directors of the newly formed Tema Energy and Processing Limited while Samuel Bosiako Antwi is the secretary.

Michael Darko’s Toronto Asset Management Limited hold 40 per cent shares in Tema Energy and Processing Limited while TOR Workers’ Charity Trust Fund holds 20 per cent shares with Cads Investment Holding Limited represented by Christopher Hesse -Tetteh holding the remaining 40 per cent shares.

The group stated capital is Gh¢1,000,000.00.

Under the lease agreement, Torentco Asset Management Group was to pay US$22 million to Tema Oil Refinery for six years.

The company was expected to refine up to eight million barrels annually.

The deal faced opposition from energy think tanks due to a lack of transparency and the fact that the company had no track record in the oil and gas business.

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