Alphapetro Boss re-arrested over theft and Money Laundering

The Managing Director of Alphapetro, Eric Forson, has been re-arrested by the Ghana Police Service as investigations continue into allegations of theft and money laundering involving Dram Oil and Trading Limited. This running legal battle dates back to a distribution agreement from 2012, wherein Forson is accused of diverting substantial funds intended for Dram Oil after selling 7,100 metric tons of petroleum products.

According to documents available to Ghananewsonline.com.gh, Mr. Forson informed one Randolph Osae Koranteng of Dram Oil in August 2012 about a cargo of 9,100 tons of gasoline available for sale. He claimed to lack the funds to purchase the cargo and suggested that Dram Oil should make the purchase, promising to assist with sales and distribution through his newly acquired Bulk Distribution Company (BDC) license.

Following this arrangement, Dram Oil secured financing from the then UT Bank to purchase the gasoline, with Forson agreeing to pay the proceeds directly into Dram’s designated account.

However, Mr. Forson violated this agreement by opening multiple accounts, including a “back-door” account with UT Bank. Reports indicate that he channeled the proceeds from Dram Oil’s sales into his personal account at Ecobank before transferring some funds to his back-door account, and finally to Dram’s designated collection account. This scheme reportedly allowed him to retain a significant portion of the funds to himself.

In addition to these allegations, Eric Forson, is accused of negotiating the use of GH₵700,000 (approximately US$372,340) in under-recovery proceeds due to Dram Oil from the National Petroleum Authority (NPA) without consent. This amount was used to pay for his BDC license for part of 2012 and all of 2013.

The ongoing legal issues escalated when Dram Oil took Forson to court in 2018. During the proceedings, he allegedly submitted false documents claiming a tripartite agreement existed between Dram Oil, Alphapetro, and UT Bank to justify his actions. This misrepresentation led to a ruling against Dram Oil by Justice Jennifer Abena Dadzie.

As investigations proceed, stakeholders in the oil industry are closely watching this case, which raises significant concerns about corporate governance and financial integrity within Ghana’s energy sector.

More soon.

Source: ghananewsonline.com.gh