SPRINGFIELD vs PETRACO ALLEGATIONS: THE DETAILS

Swiss-based Petraco Oil Company SA has filed a formal petition with Ghana’s Economic and Organised Crime Office (EOCO), alleging that Springfield Exploration & Production Limited, GMP Energy Limited, and senior executives—Kevin Okyere, Geena Malkani Punjabi, and Emmanuel Ansah Bernasko—orchestrated a massive fraud scheme totaling roughly US $94 million (theheraldghana.com).

Source: The Herald Ghana

1. Fraudulent Petroleum Payment Scheme (~US $30.8 million)

• In mid-2024, GMP Energy entered into a supply contract involving 35,000 tonnes of gasoline (valued at ~US $29.3 million), originally with EDURC DMCC, later assigned to Petraco (theheraldghana.com).

• BOST (Ghana’s Bulk Oil Storage & Transportation Company) paid GMP in full—but GMP allegedly concealed receipt of the funds, claiming non-payment and diverting money elsewhere (theheraldghana.com).

• Petraco says that during a 3 February 2025 meeting in Accra, Okyere and Malkani admitted to withholding the funds (theheraldghana.com).

2. Unitisation Loan Fraud (~US $63.5 million)

• In February 2023, Petraco agreed to a US $100 million facility toward unitising Springfield’s Afina field with Eni’s Sankofa Gye Nyame (SGN). Springfield drew down US $50 million in two tranches in February 2023 (theheraldghana.com).

• Key allegations:

• Petraco alleges Springfield falsely claimed government and regulatory approvals, imminent unitisation, and guaranteed returns—none of which were true (theheraldghana.com).

• No repayments have been made despite the 18‑month repayment deadline lapsing in August 2024, and assets back the loan (10% share charge), but no funds have been returned .

• The facility already carries US $62.8 million in principal plus interest as of April 2025 (ghanapoliticsonline.com).

Legal and Reputational Stakes

• Petraco's petition cites violations of Ghanaian criminal laws—fraud, conspiracy, breach of trust, money laundering—and urges EOCO to investigate, freeze assets, obtain banking records, and coordinate with foreign agencies (theheraldghana.com).

• The petition warns that these actions damage Ghana’s investment climate and reflect systemic failures in regulatory oversight (theheraldghana.com).

Springfield & Executives Respond

• Springfield’s legal team labels the allegations “baseless, false and misleading” and clarifies that only US $50 million was drawn on the facility, fully backed by securities including a 10% share charge (theheraldghana.com).

• The firm insists its loan was a standard commercial transaction backed by due diligence and denies any fraud .

• GMP Energy has not publicly responded to the allegations (theheraldghana.com).

What Happens Next?

• EOCO and other agencies (CID, Attorney‑General’s Department, Petroleum Commission, NPA) have been notified, but a formal investigation has not yet begun (theheraldghana.com).

• Arbitration is ongoing in Dubai and London, but Petraco contends this doesn’t bar criminal prosecution (theheraldghana.com).

Why This Matters

• The allegations highlight serious governance weaknesses in Ghana's oil sector, implicating state entities like BOST in possibly facilitating fraud (brightsimons.com).

• Outcomes from this case will test Ghana’s institutional ability to enforce the law, protect investor confidence, and uphold regulatory integrity.

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Summary

• A US $94 million fraud claim accuses Springfield, GMP Energy, and leaders including Kevin Okyere of two schemes: hiding petroleum payments and fabricating regulatory approval for loans.

• Springfield denies wrongdoing; both criminal and arbitration proceedings are underway.

• EOCO and other state bodies have been alerted, with criminal investigation pending.

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