A top executive at a Swiss oil trading company has accused two Ghanaian petroleum firms of orchestrating an elaborate international fraud scheme that he says has cost his company more than $94 million.
In a formal complaint filed with Ghana’s Economic and Organised Crime Office (EOCO), Alberto G. Salsiccia, the Chief Financial Officer of Petraco Oil Company SA, claims that Springfield Exploration & Production Ltd. and GMP Energy Ltd. engaged in “fraudulent misrepresentation, criminal breach of trust, and concealment of financial transactions.”
According to a story published by NorvanReports, Mr. Salsiccia implicates senior officials and state-linked entities in what he describes as a cross-border financial conspiracy.
The Petition
The 20-page petition, submitted on May 16th, 2025, outlines two separate but interconnected schemes, allegedly executed with the cooperation of Ghana’s Bulk Oil Storage and Transportation Company (BOST), a state-owned enterprise.
In the first case, Salsiccia alleges that Petraco was cheated out of $30.8 million following a petroleum sale between Dubai-based EDURC Company DMCC and GMP Energy Ltd., with BOST acting as the end buyer.
Though BOST is said to have fully paid for the products, Salsiccia claims Petraco never received the assigned funds.
According to the complaint, company representatives, including GMP’s Kevin Okyere and Geena Malkani, admitted during a February 3 meeting in Accra that the funds had been retained and diverted for undisclosed business purposes.
The petition alleges deliberate concealment of payment and provision of false documentation to mislead Petraco and regulatory agencies.
The second part of the complaint centers on a $100 million loan facility Petraco extended to Springfield in February 2023 to support the planned unitisation of the Afina oil discovery with Eni Ghana’s Sankofa Gye Nyame (SGN) field.
Salsiccia claims Springfield received $63.5 million of the loan but misrepresented the project’s status, knowing that no final approval had been granted and that no repayment plan was viable.
The repayment period expired in August 2024, and no payment has been made, the complaint states.
Involving EOCO
The petition calls on EOCO to launch a criminal investigation under the Economic and Organised Crime Office Act and pursue charges under Ghana’s Criminal Offences Act, including fraud by false pretenses, conspiracy to defraud, and theft.
Salsiccia further invokes Ghana’s Anti-Money Laundering Act, asserting that international arbitration proceedings in London and Dubai are being used by the accused as a stalling tactic to avoid criminal liability.
The complaint accuses Springfield and GMP of weaponizing civil litigation to evade prosecution, despite what the petitioner describes as “documented criminal intent” and “direct admissions of wrongdoing.”
Among the remedies sought, Salsiccia is urging EOCO to:
- Freeze assets tied to the alleged criminal proceeds;
- Obtain banking and transaction records from both domestic and foreign institutions;
- Collaborate with international legal authorities for cross-border asset recovery;
- Shield whistleblowers and potential witnesses from retaliation.
The Labari Journal reached out to EOCO via email for comment on this story. We did not receive a response before this story was published.
Lack of Cooperation
The complaint also highlights what Salsiccia characterizes as a lack of cooperation from Ghana’s Criminal Investigations Department (CID), and warns that the firms involved continue to operate commercially using funds obtained through “illicit means.”
Response from Springfield Group
Springfield Exploration and Production Ltd. has strongly denied accusations of criminal misconduct.
In a June 23 statement to local media outlet NorvanReports, Springfield called the allegations—made by Swiss oil trader Petraco Oil Company in a petition to Ghana’s Economic and Organised Crime Office (EOCO)—“false, misleading, and entirely without merit.”
The company emphasized that it is cooperating fully with authorities and insisted no criminal behavior occurred.
Springfield contends that the transaction mentioned in the petition was “purely commercial” and that Petraco conducted its own extensive due diligence before approving the loan.
The firm said only $50 million was disbursed, secured by a 10% equity charge, and that all relevant disclosures were made.
The Labari Journal reached out to the legal department of Springfield via email for comment on this story.
We did not receive a response before this story was published.
