Close Menu
John Mahama News
  • Home
  • Ghana News
  • Anti-Corruption
    • Corruption Watch
  • Economic
    • Education & Innovation
  • Environmental
    • Governance & Policy
  • Health & Welfare
    • Historical & Cultural Insights
    • Infrastructure & Development
    • International Relations
  • Ministerial News
    • Presidential Updates
  • Public Opinion
    • Regional Governance
      • Social Issues & Advocacy
      • Youth & Sports
What's Hot

Bawumia’s early concession was ‘Populist and Dangerous’ – Mustapha Gbande

July 9, 2025

US delays higher tariffs but announces new rates for some nations

July 9, 2025

A Lawyer Ignorant Of Human Rights Violations

July 9, 2025
Facebook X (Twitter) Instagram
Trending
  • Bawumia’s early concession was ‘Populist and Dangerous’ – Mustapha Gbande
  • US delays higher tariffs but announces new rates for some nations
  • A Lawyer Ignorant Of Human Rights Violations
  • First Oncology Nurse Leadership Programme In Africa Launched at UHAS
  • Ghana’s electricity demand to rise to 4.7% in 2025 — Energy Outlook report
  • NPP vs. EC: A Dance of Convenience?
  • Togbe Amoni VII of Taviefe Aviefe dies at 109
  • Ablekuma North rerun: NPP cites EC for contempt of court
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
Facebook X (Twitter) Instagram
John Mahama News
Wednesday, July 9
  • Home
  • Ghana News
  • Anti-Corruption
    • Corruption Watch
  • Economic
    • Education & Innovation
  • Environmental
    • Governance & Policy
  • Health & Welfare
    • Historical & Cultural Insights
    • Infrastructure & Development
    • International Relations
  • Ministerial News
    • Presidential Updates
  • Public Opinion
    • Regional Governance
      • Social Issues & Advocacy
      • Youth & Sports
John Mahama News
Home » ‘It’s business, not crime’ – GMP fights back over fraud claims

‘It’s business, not crime’ – GMP fights back over fraud claims

johnmahamaBy johnmahamaJuly 8, 2025 Infrastructure & Development No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


GMP is pushing back against what it calls a wave of misleading media reports based on a petition allegedly filed by Petraco Energies DMCC with the Economic and Organised Crime Office (EOCO).

It said the fraud allegations are “spurious, baseless, and grossly misleading.”

In a statement, the company insisted that the claims being peddled are nothing more than a deliberate distortion of a commercial disagreement between two joint venture partners.

“They mischaracterise what is, in fact, a straightforward commercial disagreement between two joint venture partners,” GMP stated.

The company clarified that it entered into a 50/50 Profit and Loss Sharing Joint Venture Agreement with Petraco Energies DMCC—not Petraco Oil Company SA as some reports have incorrectly suggested.

Under the agreement, GMP transferred $10 million to Petraco for the procurement of petroleum products. That money, according to GMP, is still with Petraco.

Tensions escalated, GMP said, because Petraco failed to disclose purchase prices for the products it procured, even though GMP fully disclosed its sale prices.

“Concerned by this imbalance, GMP repeatedly demanded a formal audit of all transactions, particularly the unreasonably high-cost components on freight and hedging amongst others, to fairly redetermine the JV’s profit and reconcile our share,” the company said.

The audit, GMP noted, has not been conducted. Neither Petraco nor EDURC Company DMCC, an entity introduced by Petraco to assume entitlements under each cargo, has complied with the audit request.

GMP described the entire affair as a business dispute, not a criminal matter.

“There is no element of fraud or criminal conduct, as alleged,” the company maintained.

The matter is now the subject of arbitration in Dubai, where GMP is seeking full accountability and considering a counterclaim.

However, the company is deeply concerned that parts of the media have chosen to report “solely on unverified claims in a self-serving petition” without seeking its side of the story.

“These stories, often published without the necessary context, have created a false and damaging narrative and offered detractors an opening to malign GMP’s reputation,” the company warned.

GMP said it has made its officials available to explain the facts to journalists and editors. While some have welcomed the clarification, others continue to “push a distorted version of events.”

The company urged the media to adhere to the principles of fairness and responsible journalism, especially in matters under legal or arbitral proceedings.

It added that it would not hesitate to take legal action against individuals or organisations that continue to publish defamatory or misleading content aimed at damaging its image.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.



Source link

johnmahama
  • Website

Keep Reading

Ghana’s electricity demand to rise to 4.7% in 2025 — Energy Outlook report

ECG deploys emergency teams to stabilise power supply in Obuasi

TOR dismisses claims of unchecked fuel dispatches, highlights strict multi-agency verification process

TOR throws light on premix composition amid sector reforms at stakeholder engagement

Ghana’s IMF programme hit by major policy slippages and reform delays

70% of CEOs in Ghana confident of economic growth in 2025 – PwC report

Add A Comment
Leave A Reply Cancel Reply

Editors Picks

Dr. Agyepong Urges African Business Leaders to Unite for the Continent’s Economic Independence

July 8, 2025

IMF names Dr. Adrian Alter as new resident rep to Ghana amid ongoing economic reforms

July 8, 2025

Cedi to face renewed pressure with moves to settle contractors’ arrears

July 8, 2025

Springfield dismisses Petraco allegations as false, threatens legal action

July 8, 2025
Latest Posts

Complacency exposes Africa to cybercrime

July 8, 2025

How 25 Nigerians were trafficked to Ghana, forced into large scale fraudulent activities from their Dodowa hideout

July 8, 2025

AI Training, SIM reforms and internet upgrades

July 3, 2025

Subscribe to News

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Welcome to JohnMahama.news, your trusted source for the latest news, insights, and updates about the President of Ghana, government policies, and the nation at large. Our mission is to provide accurate, timely, and comprehensive coverage of all things related to the leadership of Ghana, as well as key national issues that impact citizens and communities across the country.

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Facebook X (Twitter) Instagram Pinterest
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
© 2025 johnmahama. Designed by johnmahama.

Type above and press Enter to search. Press Esc to cancel.