The Office of the Attorney General says it cannot vouch for the credibility of Torrentco Asset Management Limited,TAML as a lessee in the Proposed Lease Transaction with Tema Oil Refinery.
In a statement in response to an evaluation request, the Attorney General said Torrentco has no financial and technical capacity to undertake the proposed transaction.
This follows the submission of a Due Diligence Report for a reassessment of Torentco’s credibility by the General Transport, Petroleum, and Chemical Workers Union of the Trades Union Congress (TUC), Ghana.
The General Transport, Petroleum, and Chemical Workers Union of the TUC Ghana insists that the lease agreement between TOR and TAML is shady, for which reason it is doing everything to halt the agreement.
The Attorney General Office further revealed that the company has not established affiliation with Vitol or with any other company, which has the needed funds and technical capacity to undertake the Proposed Lease Transaction.
The statement clearly notes that without the support of Vitol, Torrentco Assets Management Limited lacks the financial and technical capacity to undertake its obligation under the Proposed Lease Transaction.
The company according to the Ministry, lacks the requisite licenses and documentation to undertake the proposed lease transaction.
The Ministry warns that proceeding with the project will be contrary to the law.
