Ex-Goldman Banker Settles SEC’s Ghana Bribery Case

A former executive at Goldman Sachs U.K., Asante Benko, settled the U.S. Securities and Exchange Commission’s (SEC) claims that he funneled at least $2.5 million in bribes to government officials in Ghana to secure a power plant contract for a Turkish energy company.[1]  Asante Benko agreed to pay over $329,000 to resolve the regulator’s enforcement action.  The total money yields from $275,000 in ill-gotten profits and $54,000 in interest.[2]  The SEC accused Benko of violating the Foreign Corrupt Practices Act (FCPA) by paying off members of parliament and key government officials through a Ghana-based shell company.[3]  Goldman Sachs was not named in the complaint due to its full cooperation with SEC’s investigation.[4]  This article will further discuss the violations by Asante Benko, highlight important guidelines and provisions of the FCPA, and the practices of Goldman Sachs’ compliance department.