The board of Ghana's Tema Oil Refinery (TOR) has found that the correct beneficiaries were paid under a letter of credit (L/C) for a controversial shipment of crude oil delivered to the refinery.

A Nigerian group has recently been claiming that they have not been paid for the shipment and that the funds have been fraudulently diverted elsewhere.

Appropriate beneficiaries

A statement issued by the TOR board says it is satisfied that the shipment of crude oil was delivered to the refinery.

Moreover, it says the appropriate L/C beneficiaries have been fully paid by the issuing bank.

In the same statement, the board cleared managing director, Ato Ampiah, of any wrongdoing in the controversial crude oil transaction.

Investigations

However, Ghana's Bureau of National Investigations (BNI) is still investigating the alleged US$48 million fraud.

There have been a number of claimants for payment for a cargo of 600,000 barrels of crude delivered to the refinery in August 2010.

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