The Tema Oil Refinery (TOR), Ghana�s only refinery is in the news again. This time round, it has nothing to do with procuring crude oil for its plant. It borders on the acceptance of Bank Guarantees pledged by some companies to TOR, have been proved to be fake - at best they can be considered to be 419 Bank Guarantees. The Prime Investigator has leant upon follow-ups to a lead that some Oil Marketing Companies in lifting the Black Gold; used the Letter Head and Seal of the SG-SSB to authorize such fake Guarantees.
The SG-SSB has so far denied knowledge of the said guarantees and baffled, as to how such confidential material (Letter-Head and Seal) of the bank can plead innocence, including the fact that the management of TOR also failed to conduct due diligence.
This development, coming from a State-Owned Enterprise, bring the question; if public institutions fail to do diligent checks as in the case above, why won�t we keep running at a lose, when private ones run at Huge Profits? This is so, because, it was only when TOR went to redeem the Guarantees that the scandal popped up. �We Are Neutral, But Not In Matters That Affect Ghana�. So to the agencies that have our sight schedules on State-Owned Enterprises, we are watching you with our Investigative Eye. Please, Act Now.
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