The General Transport, Petroleum, and Chemical Workers' Union of the Trades Union Congress (GTPCWU-TUC) has called upon President Akufo-Addo to reinstate a sense of professionalism in corporate governance within the Tema Oil Refinery's (TOR) Board of Directors. They emphasize the importance of making decisions driven by integrity.

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GTPCWU-TUC has expressed concerns about the current Board of Directors (BOD), asserting that they have exhibited a high degree of incompetence. They believe that allowing the current BOD to remain in their positions is detrimental to the credibility of the appointing authority and places an undue financial burden on the public purse.

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Their argument is based on alleged questionable practices by the BOD in their efforts to secure a reputable strategic partner for TOR.“The current BOD of TOR is set up not based on competence but only on political considerations.

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As a result of this, they have tolerated and wasted our time over an Entity whose incorporated name started with Decimal Capital/VITOL, then changed to Baybridge Asset Management Limited, later to Torentco Asset Management Limited and now Tema Energy and Processing Limited, within a period of 18 months.“All the changes or evolutions of names are shrouded under the pretense of “a new SPV”, to cover one scandal or the other.

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As responsible citizens and key internal stakeholders of the refinery, who share in the President charge for citizenship and not spectators, we bring your attention to the latest development with this particular entity (Torentco Asset Management Limited).

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“As it stands now, due to the damming findings of the due diligence report, the surrogate of Torentco wearing the clothing of TOR BOD has allowed or tolerated a new SPV by name Tema Energy and Processing Limited with shares allocation of 40% to CAD Investment Holdings, 40% to Torentco and 20% to TOR Workers Charity Trust,” the group revealed.

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Furthermore, they have accused the Board of Directors (BOD) of incentivizing employees and offering shares in the new special purpose vehicle to those who compromised their integrity in order to advance their agenda. Instead, the engagement process should have been conducted through the management for a thorough workforce consultation.

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“On the blind side of 99% of TOR workers and executive management, some few executives of TOR’s local UNICOF executives (Abu Abass Bugubie, Bright Adongo) and their cohorts (Albert Amoako Adjei, Scott Tsevia and Emmanuel Abankwah) have secured an agreement with Torentco to incorporate an entity by guarantee in order to benefit from a 20% shares in the new SPV (Tema Energy and Processing Limited) without recourse to workers and management,”

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the group said.They added that “We will seek to remind executive management, especially the acting MD to do the needful with all the evidence available to establish orderliness in TOR, if these BOD members, the compromised TOR-UNICOF executives and their cohorts should be made to freely walk in the refinery.”

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