We cannot vouch for credibility of Torrenco to partner TOR – Office of Attorney General
The Office of the Attorney General and Ministry of Justice has indicated that it is not in a position to vouch for the credibility of Torrenco Asset Management Limited (TAML) to partner Tema Oil Refinery to revive the ailing company.
This is coming after Torrenco agreed with the board of TOR to enter into a partnership, where part of TOR will be leased to Torrenco.
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”.
“From the DDR, TAML has no financial and technical capacity to undertake the proposed transaction””, it pointed out.
“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”, it added.
It concluded that “TAML lacks the reqws1te licenses and documentations to undertake the proposed lease transaction, proceeding with the project will therefore be contrary to the law”.
Source: Ghana News
