Ghana-based oil trading firm GMP has firmly rejected what it describes as “spurious, baseless, and grossly misleading” allegations of wrongdoing following recent media reports citing a petition allegedly submitted to the Economic and Organised Crime Office (EOCO) by Petraco Energies DMCC.
The company insists the matter at the heart of the reports is a straightforward commercial dispute between joint venture partners and contains no element of fraud or criminal conduct as is being portrayed in the public domain.
Allegations based on mischaracterisation
In a strongly worded statement, GMP expressed concern over what it sees as an intentional effort to misrepresent a legitimate business disagreement as a criminal matter.
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 wrongly reported by some outlets.
As part of the agreement, GMP advanced $10 million to Petraco for the procurement of petroleum products.
However, tensions arose when Petraco, acting on behalf of the joint venture, allegedly failed to disclose purchase prices for the products to GMP.
“In contrast, GMP fully disclosed the sale prices of the products to Petraco,” the statement noted.
According to GMP, this lack of transparency led it to demand a formal audit of all transactions, especially concerning what it considered unreasonably high costs related to freight, hedging, and other items.
However, these audit requests have not been honoured either by Petraco or by EDURC Company DMCC—an entity Petraco introduced to take over its entitlements under each cargo.
Arbitration underway in Dubai
GMP maintains that the matter is currently the subject of an arbitration process in Dubai, where the company is seeking proper financial accountability and considering a counterclaim.
It stressed that the legal forum is the appropriate venue for resolving such commercial disagreements and criticised attempts to drag the matter into the realm of criminal investigation and media sensationalism.
“This is, and has always been, a commercial matter,” the company said, dismissing any claims of fraud.
“There is no element of criminal conduct, as alleged.”
Media Reports Called “Distorted” and “Damaging”
GMP also took issue with the way certain media outlets have reported on the matter, accusing them of spreading misinformation based on unverified and one-sided claims from the petition.
The company stated that these reports have created a damaging public impression and opened the door for detractors to tarnish its reputation.
“It is deeply concerning that some media outlets have chosen to report these issues based solely on unverified claims in a self-serving petition, without seeking balance or input from GMP,” the company said.
“These stories, often published without the necessary context, have created a false and damaging narrative.”
GMP noted that its representatives have been available and open to engaging journalists and editors to provide context and clarification.
While some media professionals have welcomed this transparency, others, the company claims, continue to push what it describes as a “distorted version of events.”
Warning against defamation
In its concluding remarks, GMP called on journalists, editors, and media houses to uphold the highest standards of fairness, accuracy, and professionalism—particularly when reporting on matters that are the subject of pending legal or arbitral proceedings.
“Reporting on such issues requires care, context, and a commitment to truth,” GMP said.
The company issued a stern warning that it will not hesitate to take legal action against any individuals or organisations that continue to publish defamatory or misleading statements intended to damage its name or undermine its operations.
“We remain committed to transparency and accountability, and we urge all stakeholders to allow the ongoing arbitration process to take its course,” the statement concluded.
