Breaking News
Translate

BREAKING: Court orders forfeiture of P&IDs assets over $9.6bn liability

Ikechukwu Nnochiri  – Abuja

The Federal High Court sitting in Abuja, on Thursday, gave the Federal Government the nod to seize all assets belonging to P&ID Limited, Virgin Island and its Nigerian affiliate, P&ID Nigeria Limited..
The two firms were found guilty on the 11-count charge of tax evasion and money laundering brought against them by the Economic and Financial Crimes Commission (EFCC) and convicted accordingly by the court.
The firms were linked to the controversial gas supply contract that led to the British Court’s judgement ordering the seizure of Nigeria’s foreign assets worth $9.6billion.
The companies had through their representatives, pleaded guilty to all the charges brought against them by the EFCC.
While P&ID Ltd, Virgin Island was represented by its Commercial Director, Mohammad Kuchazi, P&ID Nigeria Limited was represented by a lawyer, Adamu Usman.
According to the EFCC, the firms fraudulently claimed to have acquired land from the Cross River State Government in 2010 for the gas supply project agreement that resulted to the $9.6bn judgment debt.
In his judgement, Justice Inyang Ekwo held that the firms having admitted to the crime, he had no option than to convict them accordingly.
Relying on provisions of section 19(2) of the Money Laundering Prohibition Act, 2011, and section 10(2) of the Advance Fee Fraud and other related offences Act, 2006, the court ordered the federal government to wind up the two firms and confiscate all their assets in the country.

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.