Trinity Energy, a South Sudanese owned Business Company has lashed out at a report blaming it for misdeals which include bribery, tax evasion, and trade-based money laundering.
The report, “Crude Dealings: How Oil-Backed Loans Provided Cover for Illegal Activity in South Sudan” centered around a loan of $30 million provided by Africa Export-Import bank to Trinity Energy, which it said acquisition was not legally smooth.
A three-year investigation “uncovered red flags for illicit business practices, including bribery, tax evasion, and trade-based money laundering,” the report said.
According to Trinity Energy, the report “unfortunately contains significant and defamatory allegations.”
The Sentry said its “investigation found clear indications that the arrangement enabled powerful individuals to benefit from the manipulation of business worth hundreds of millions of dollars.”
It said “the loan deal skirted legislation on oversight, transparency, and competition and facilitated off-book government spending, including supplies of fuel to the South Sudan army.”
“It also perpetuated a damaging reliance on future oil production to finance current spending, mortgaging the future prosperity of the country and its citizens,” it said in a statement yesterday.
Trinity Energy said it is committed to the future of South Sudan and will continue to do it as a responsible corporate citizen.
“Trinity Energy would like to reassure the public and all our stakeholders that we remain committed to offering our customers world-class energy solutions,” it said.
“As a forward-looking company, we are driven by the need for the social-economic transformation of South Sudan which has seen us invest millions of dollars and create lasting jobs in various sectors as well as support Youth and Women Empowerment, Agriculture and Food Security, Health and Environmental Sustainability.”
