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 requisite licenses and documentation to undertake the proposed lease transaction, proceeding with the project will therefore be contrary to the law”.
Latest Stories
-
You are a son of Gonjaland and you have my blessing to be president – Gonja King to Bawumia
41 mins -
Market sentiments contributing to cedi depreciation – Lord Mensah
44 mins -
Ghanaian film maker wins best unscripted series in AMVC
1 hour -
Blame Parliament for SALL disenfranchisement, not EC – Bossman Asare tells IMANI Africa
2 hours -
Inflation to decline much faster in May 2024 – Report
2 hours -
Slovak PM Robert Fico carried to car after being shot
2 hours -
We need stakeholder engagement, not firefighting approach – CDD-Ghana fellow tells government
2 hours -
Fitch revises outlook on Zenith, Access, 3 others to positive
2 hours -
WAFU B U-17 Cup of Nations: Black Starlets thump Côte d’Ivoire in Group A opener
2 hours -
AngloGold Ashanti delivers steady start to 2024; Gold production up +2% year-on-year
2 hours -
Fidelity Bank joins forces with Proxtera to empower Ghana’s SMEs on GIFE Platform
3 hours -
Five men accused of murdering South African rapper AKA denied bail
3 hours -
GH Queens reality show secures win for Ghana at AMVCA 2024
3 hours -
Over 400 Deloitte Ghana staff mark ‘Volunteer Day’ to impact about 12,000 school children
3 hours -
ECG commences skills development programme to address unemployment
3 hours