Dissolve TOR Board of Directors Immediately - GTPCWU-TUC To President

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The General Transport, Petroleum, and Chemical Workers Union of the Trades Union Congress (GTPCWU-TUC) has called on President Akufo-Addo to restore maturity in corporate governance within the Board of Directors of the Tema Oil Refinery (TOR). The union believes that the current Board of Directors has displayed a high level of incompetence, and their continued presence is detrimental to the appointing authority's integrity and a burden on public funds.

GTPCWU-TUC's concerns stem from alleged shady dealings by the Board of Directors in securing a credible strategic partner for TOR. They argue that the current Board is not appointed based on competence but rather political considerations. They highlight the numerous name changes the strategic partner entity has undergone, from Decimal Capital/VITOL to Baybridge Asset Management Limited, followed by Torentco Asset Management Limited, and now Tema Energy and Processing Limited within just 18 months.

The union asserts that these name changes have been used as a cover-up for scandals. The latest development involves the establishment of a new special purpose vehicle (SPV) called Tema Energy and Processing Limited, with share allocations of 40% to CAD Investment Holdings, 40% to Torentco, and 20% to the TOR Workers Charity Trust, according to the due diligence report findings.

GTPCWU-TUC further accuses the Board of Directors of involving and rewarding compromised workers who support their plans by granting them shares in the new SPV, instead of engaging the workforce comprehensively through management.

The group brings attention to specific individuals, alleging that certain executives of the local TOR branch of the Union of Industry, Commerce, and Finance (UNICOF), along with their allies, have secured an agreement with Torentco to benefit from a 20% share in the new SPV without consulting the workers and management of TOR.

They conclude by stating that executive management, particularly the acting Managing Director, should take appropriate action to restore orderliness in TOR based on the available evidence. They feel that the current Board members, compromised TOR-UNICOF executives, and their allies should not be allowed to freely operate within the refinery.

The GTPCWU-TUC's statement underscores concerns regarding corporate governance and transparency at the Tema Oil Refinery. It highlights the need for accountability and integrity in decision-making processes to safeguard the interests of the refinery and its workers.