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 Drams Oil and Trading Limited. This legal battle dates back to a distribution agreement from 2012, wherein Forson is accused of diverting substantial funds intended for Drams 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 Drams 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 Drams Oil should make the purchase, promising to assist with sales and distribution through his newly acquired Bulk Distribution Company (BDC) license.
Following this arrangement, Drams Oil secured financing from the then UT Bank to purchase the gasoline, with Forson agreeing to pay the proceeds directly into Drams’ 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 Drams Oil’s sales into his personal account at Ecobank before transferring some funds to his back-door account, and finally to Drams’ designated collection account. This scheme reportedly allowed him to retain a significant portion of the funds for 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 Drams 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.
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 Drams 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 Drams Oil tool Forson to court in 2018. During the proceeding, he allegedly submitted false documents claiming a tripartite agreement existed between Drams Oil, Alphapetro, and UT Bank to justify his actions. This misrepresentation led to a ruling against Drams 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.
Source: ghananewsonline.com.gh