The Proposed Lease Transaction between the Tema Oil Refinery and Torrentco Asset Management Limited, TAML has hit a snag following a damning Due Diligence Report by the Attorney General.
The Attorney General stated, in response to a request for an evaluation, that Torrentco lacks the necessary financial and technical resources to execute the proposed transaction.
In a letter to the General Transport, Petroleum and Chemical Workers Union of the Ghana Trades Union Congress, it said the Due Diligence Report (DDR) showed Torrenco has no financial and technical capacity to undertake the transaction.
“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”.
The General Transport, Petroleum, and Chemical Workers Union of TUC Ghana is actively striving to suspend the lease agreement between TOR and TAML because it is shady.
Additionally, the Attorney General’s Office disclosed that the organization has not formed any alliances with Vitol or any other firm possessing the financial resources and technical expertise required to execute the Proposed Lease Transaction.
It is evident from the statement that Torrentco Assets Management Limited lacks the financial and technical capability to fulfill its obligations under the Proposed Lease Transaction in the absence of Vitol’s assistance.
The Attorney General further revealed that Torrenctco is devoid of the necessary licenses and documentation to proceed with the proposed lease transaction and warned TOR that moving forward with the initiative would be illegal.