The Office of the Attorney General and Ministry of Justice has declared that Torrenco Asset Management Limited (TAML) is not a credible partner for Tema Oil Refinery to revive the ailing company.
This follows the agreement between Torrenco and the board of TOR to enter into a partnership, where part of TOR will be leased to Torrenco.
In a letter to the General Transport, Petroleum and Chemical Workers Union of the Ghana Trades Union Congress, it stated that the Due Diligence Report (DDR) raises questions about Torrenco’s credibility because it has no financial and technical capacity to execute the transaction.
“Our Office has conducted enquiries and reviewed the DDR submitted to us, and we have found several observations that undermine the credibility of TAML as a lessee in the Proposed Lease Transaction with TOR”.
“The DDR shows that TAML has no financial and technical capacity to execute the proposed transaction”, it emphasized.
“TAML has no established affiliation with Vitol or with any other company, which has the necessary funds and technical capacity to support the Proposed Lease Transaction and without whose support TAML cannot fulfil its obligation under the Proposed Lease Transaction”, it explained.
It concluded that “TAML lacks the required licenses and documentation to execute the proposed lease transaction, proceeding with the project will therefore be illegal,” the Office added.