The General Transport, Petroleum and Chemical Workers Union of TUC (GPCWU) has called on government to dissolve the board of directors for the Tema Oil Refinery (TOR).
The union outlined the great achievement of TOR since its board of directors was commissioned to secure a credible, strategic partner for TOR some 18 months ago.
However, it revealed that not only is the board of directors managed by Mr Adomako, the board chairman, Mr Apenteng and Ms Sapara Grant, demonstrating “high level of incompetence”, but their continuous stay in office is a “disgrace to the integrity of the appointing authority and a drain to the public purse”.
GPCWU explained that for their 18 months in office, these individuals have wasted the time of the union over an entity whose incorporated name started with Decimal Capital, morphed into Baybridge Asset Management Limited, later to Torenco Asset management and now, Tema Energy Processing Limited.
“All the changes or evolution of names are screwed under the precinct of a new SPV to cover one scandal or the other. As responsible citizen and key internal stakeholders of this refinery, who shares in the President’s charge for citizenship and not spectators, we want to bring to bring to your attention, the latest development to the particular entity Torenco Asset Management Limited.”General Transport, Petroleum and Chemical Workers Union
Addressing the press today, October 4, 2023, the union indicated that per damning findings of due diligent report, the surrogate of Torenco, “wearing the cloth of TOR board has allowed 40% to CAD investment holding, 40% to Torenco and 20% to TOR workers charity trust”.
It elaborated that some of the board, particularly Mr Apenteng, and Mr Adongo, the union chairman of UNICOF, who are part of the formation of the new company are beginning to incite members by inducing them to break and divide the union to join UNICOF to enable them to continue with their dealings.
This, GPCWU insisted, has brought a lot of anger among the workers.
“By this, we want to inform the authority that they should take action to ensure peace because we can no longer contain the anger of our people and we can also not guarantee the safety of these individuals.”General Transport, Petroleum and Chemical Workers Union
Furthemore, the union revealed that if an individual wants to give out shares to a company, the basic line is to float the shares at the Ghana Stock Exchange for individuals and companies to take advantage of it. However, he noted that it is not for a company seeking a new contract to give shares to workers.
The union maintained that his new phenomenon of giving shares to workers is nothing to write home about, especially, when the shares is dependent on profit the company makes before an individual can benefit.
“In this case, the new company is yet to be given a contract, so on what basis or what profit can be shared, or a percentage given to a worker? We want to state that we will not be used as a channel to seek for their contract. What we want the state to do is that per the due diligent report, they don’t have financial capability, the technical know-how, and anything whatsoever to secure the contract.
“They should revisit the report and address the issues raised in the due diligent report. Until then, we will not allow them to take over since Torenco is the only viable entity to handle the contract.”General Transport, Petroleum and Chemical Workers Union
Transparency in TOR activities
Moreover, GPCWU questioned the lack of transparency on the part of management and the board by not openly looking for partners who are fit for the takeover, but rather resorting to undertake things clandestinely.
To this, the union noted that the “mischievous attempt” by these actors who also double as board of directors, not only smacks “conflict of interests and inducement of workers”, but is also an attempt to secretly reward some compromised workers front.
“On the blindside of the 99% of Tema Oil Refinery workers and executive management, some few few executives of TOR – local union executives [of] UNICOF, Abu Abass, Bright Adongo, and their cohorts, Albert Amoako Agyei, Scott Tivia, and Emmanuel Abankwah, have secured an agreement with Torenco to incorporate and entity by guarantee in order benefit for 20% shares in the new SPV – Tema Energy and Processing Limited without recourse to workers and management…”General Transport, Petroleum and Chemical Workers Union
In light of these revelations, the group pleaded with President Akufo-Addo to restore “maturity” in the corporate governance at TOR board level, for integrity to thrive in its decision-making. It further called on the President to dissolve the “incompetent board”.
“We equally seek to remind the executive and management, especially the acting managing director to do the needful with the evidence available to establish orderliness in TOR…”General Transport, Petroleum and Chemical Workers Union