Attorney General expresses concerns over credibility of Torrenco Asset Management in TOR partnership

November 27, 2023
Attorney General Expresses Concerns Over Credibility of Torrenco Asset Management in TOR Partnership
Attorney General Godfred Dame

The Office of the Attorney General and Ministry of Justice has raised serious doubts about the credibility of Torrenco Asset Management Limited (TAML) in its proposed partnership with Oil Refinery (TOR) to revitalize the struggling company.

This revelation comes after Torrenco had reached an agreement with the TOR board to lease a portion of the refinery.

In a formal letter addressed to the General Transport, Petroleum, and Chemical Workers Union of the Ghana Trades Union Congress, the Attorney General's office cited a Due Diligence Report (DDR) that questioned Torrenco's financial and technical capabilities to undertake the intended transaction.

“Based on the DDR submitted to our Office, our inquiries, and the above observations, our Office is not in a position to vouch for the credibility of TAML as a lessee in the Proposed Lease Transaction with TOR,” the letter stated unequivocally.

Highlighting key findings from the DDR, the Attorney General's office emphasized that Torrenco lacked both the financial and technical capacity required for the proposed transaction.

It further noted that Torrenco had no established affiliation with Vitol or any other company possessing the necessary funds and technical capabilities essential for the successful execution of the lease agreement.

The letter concluded with a stark warning, asserting that Torrenco Asset Management Limited “lacks the requisite licenses and documentation to undertake the proposed lease transaction,” and that proceeding with the project would be in violation of the law.

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