The Office of the Attorney General and Ministry of Justice has said it cannot vouch for the credibility of Torentco Asset Management Limited (TAML) in its proposed partnership deal with Tema Oil Refinery (TOR).
The office has said a Due Diligence Report (DDR) showed Torentco has no financial and technical capacity to undertake the transaction.
This was contained in a letter the office addressed to the General Transport, Petroleum and Chemical Workers Union (GTPCWU) of the Trades Union Congress (TUC).
“Based on the DDR submitted to our Office, our enquiris and the above observations our Office is not in the position to vouch for the credibility of TAML as a lessee in the Proposed Lease Transaction with TOR.
“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,” the letter read in parts.
The letter stressed TAML lacks the requisite licenses and documentations to undertake the proposed lease transaction, proceeding with the project will therefore be contrary to the law.
This comes after the Office of the Special Prosecutor (OSP) ordered management of TOR to suspend the proposed partnership aimed at reviving the state-owned company.
The OSP explained that, a corruption risk analysis has commenced into the deal and directed TOR to furnish it with all the necessary documentation regarding the proposed agreement on or before the close of Tuesday, December 5, 2023.
Read the full statement below: