Hot Source….As Swiss Firm petitions EOCO, Springfield denies claims
The Economic and Organised Crime Office (EOCO) has been petitioned by a Switzerland-based oil company to launch a criminal investigation into what has been described as a “systematic and orchestrated economic crime” involving nearly US$93 million allegedly perpetrated by Springfield Exploration & Production Limited and GMP Energy Limited, both Ghanaian oil companies, along with their senior executives.
In response to the allegations, Springfield Exploration & Production Limited has denied any wrongdoing, describing the petition as “misleading and damaging”. GMP Energy, solely owned by one of the partners in Springfield, and also named, is yet to respond to the claims by the Swiss firm.
In a formal petition dated 16 May 2025, Alberto G. Salsiccia, Chief Financial Officer of Petraco Oil Company SA, accused Springfield, GMP Energy, and their key officers Kevin Okyere, Geena Malkani Punjabi, and Emmanuel Ansah Bernasko of executing a sophisticated fraud scheme through “calculated deception and abuse of business relationships” in Ghana’s petroleum sector.
According to Mr Salsiccia, the allegations span two major schemes: a petroleum products fraud totalling over US$30 million, and a unitisation loan fraud amounting to at least US$63 million.
The petition claims that GMP Energy Limited fraudulently retained over 35,000 metric tonnes of gasoline (worth US$29.3 million), which was supplied under a contract with EDURC Company DMCC and subsequently assigned to Petraco.
Despite receiving full payment from the state-owned Bulk Oil Storage and Transportation Company (BOST), GMP executives are alleged to have deliberately concealed the receipt of the funds and falsely claimed non-payment.
“Geena Malkani and Kevin Okyere also admitted to wrongfully retaining the funds during a face-to-face meeting with us in Accra on 3 February 2025,” Mr Salsiccia wrote.
He added, “Despite receiving full payment from BOST, Geena Malkani, Kevin Okyere, and Emmanuel Ansah Bernasko have: deliberately concealed the receipt of this payment from us; made systematic false representations about non-payment coordinated with certain officials at BOST to corroborate these false claims; and diverted the proceeds for their personal benefit and other business operations.”
According to Petraco, the second scheme centres on a US$50 million loan extended to Springfield Exploration & Production Limited under a Facility Agreement signed in February 2023. The money was purportedly intended to finance a pending unitisation project involving Eni Ghana a project Petraco now asserts was never realistically viable.
“Our due diligence was based on misrepresentations by Springfield and its executives, particularly Kevin Okyere,” said Mr Salsiccia. “They claimed the unitisation was imminent, had full government approvals, and guaranteed returns, none of which was true.”
He added, “The perpetrators have leveraged their business connections to evade accountability. These actions constitute organised economic crime and are of serious international consequence.”
The petition outlines the following allegations concerning the loan arrangement: “The second scheme involves the fraudulent obtaining of loans totalling US$50 million through the following deception:
“Kevin Okyere approached our company seeking a loan to facilitate a purported unitisation project with Eni Ghana Exploration & Production Limited, representing that the unitisation of Eni’s Sankofa Gye Nyame (SGN) Field and Springfield’s West Cape Three Points (WCTP) Afina discovery was imminent and certain.
“Springfield Exploration & Production Limited claimed it had secured all necessary approvals from the Petroleum Commission and government. The project was said to guarantee returns, with repayment to be made from crude oil proceeds.
“Based on these representations, our company agreed under a Facility Agreement dated 7 February 2023 to make available up to US$100 million to Springfield, to be drawn in two tranches of US$50 million.
“Springfield drew down the first tranche of US$50 million in two disbursements of US$25 million each, under utilisation requests signed by Kevin Okyere on 7 and 27 February 2023.
“Springfield represented that it would repay the US$50 million if unitisation did not occur within 18 months of the first utilisation date, that is, by 7 August 2024.”
The petition urges EOCO to act swiftly, calling on the Office to freeze assets, obtain banking and financial records, and coordinate with international enforcement agencies to prevent further dissipation of funds.
Mr Salsiccia continued: “Despite our initial report to the Criminal Investigations Department (CID), the suspects have evaded proper investigation by falsely claiming unavoidable absence from Ghana and asserting that the matter is purely civil in nature due to ongoing arbitration proceedings in Dubai and London. This is a deliberate attempt to escape criminal liability while continuing to benefit from the proceeds of crime.
“The companies and their officers, especially Geena Malkani, Kevin Okyere, and Emmanuel Ansah Bernasko, knew the unitisation was highly unlikely to materialise. Key representations about project approvals were false and the necessary conditions for unitisation were never met.
“The loans were obtained through calculated deception and never used for the stated project. Springfield and its officers never intended to repay the utilised funds.
“Kevin Okyere has personally made representations to our executives, using his purported business standing to maintain these deceptions.”
Mr Salsiccia described the fraud as “premeditated and methodically executed”, involving “multiple corporate entities across different sectors” and sustained over an extended period. He accused the perpetrators of obstructing justice by failing to cooperate with CID investigations and leveraging high-level connections to delay accountability.
“These actions constitute serious offences under various Ghanaian laws,” he noted, referencing the Economic and Organised Crime Office Act, the Criminal and Other Offences Act — including defrauding by false pretences, conspiracy to defraud, and criminal breach of trust — and the Anti-Money Laundering Act.
While acknowledging the ongoing arbitration, Petraco insists that:
“The existence of civil proceedings does not preclude criminal liability. The facts reveal criminal intent beyond mere contractual disputes. The systematic deception and the organised nature of the schemes elevate them to criminal conduct. Public interest demands criminal investigation alongside civil remedies.”
The petition warns of reputational risks to Ghana’s investment climate, suggesting that similar schemes may have targeted other foreign companies.
“We respectfully request that EOCO open a formal investigation into this organised economic crime and exercise its powers to freeze relevant assets, obtain banking records, coordinate with international agencies, and prevent further asset dissipation,” the petition concludes.
In a letter addressed to Norvan Reports and dated 24 June 2025, Nana Osei Addae, Legal Manager for Springfield, dismissed the allegations.
“Your report suggests that Springfield has engaged in criminal conduct based on a petition filed by Petraco. We wish to state categorically that the allegations contained in the purported petition are baseless, false and misleading,” Mr Addae stated.
Springfield acknowledged the existence of a US$100 million loan agreement but clarified that only US$50 million had been disbursed. The company maintains that the transaction was purely commercial and that it had provided security, including a charge over 10% of its issued shares.
“Petraco and its third-party consultants conducted thorough legal and technical due diligence before the agreement. There is no element of fraud or criminality in this transaction,” Mr Addae emphasised, and demanded that Norvan Reports correct the “false and damaging impression” created by its coverage.
The ongoing arbitration proceedings in Dubai and London further complicate the controversy. However, Petraco insists that the civil disputes do not negate the criminal elements of the case.
EOCO has yet to comment officially, but the petition has already attracted the attention of several state institutions, including the Attorney-General’s Department, the Inspector-General of Police, the CID, the Petroleum Commission, and the National Petroleum Authority.
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