The federal government through the EFCC has arraigned two Chief Executives of Telecom Satellites Limited (TSTV) over alleged tax invasion, money laundering and advanced fee fraud offences.
They arraigned executives are Bright Echefu who is the Managing Director and Chief Executive Officer of TSTV and Felix Nnamdi, the Executive Director of the telecom satellite company.
Also arraigned is Briechberg Investment Limited, another company on 9-count criminal charges.
They were alleged to have on 18th May 2020 committed tax evasion, unremitted VAT, Company income tax and Pay As You Earn (PAYE) deducted from the salaries of 165 workers.
They were also accused of diverting for their personal use N33. 9M, N13. 5M and N19. 4M tax money payable to the federal government in breach of section 15 of the Money Laundering Prohibition Act.
On his part alone, Bright Echefu, the first accused person was alleged to have defrauded a Senior Advocate of Nigeria SAN, Turaki Tanimu of N960M under false pretense.
The charge indicated that Mr Echefu while acting as the Managing Director of Briechberg Investment Limited on May 18, 2020, with intent to defraud obtained the sum of N150M from Tanimu who is the Managing Director of Kalsiyam Farm as a loan to acquire modern equipment for his telecom company.
On the same day, the accused person was said to have obtained another N780M paid into the same account for the same purpose from Mr Tanimu who is also the MD of BYI.
The defendants pleaded not guilty to the charges.
The prosecution objected to the bail application made by the defendants, insisting that the accused persons are a flight risk having allegedly been evading arrest.
Counsel to the defendant on his part held that the defendants are currently enjoying the administrative bail granted them by the EFCC
In a short ruling, Justice Inyang Ekwo adopted the EFCC bail conditions to allow the two men to go home.
The Judge however ordered them not to travel out of the country without the permission of the court while Immigration must be notified of seizure of their international passports.
He warned that any breach of the bail conditions or absence in court would automatically lead to revocation of their bail and to remain in custody throughout the trial period.
Justice Ekwo directed the EFCC to transmit the record of administrative bail granted to the defendants to the court within seven days.
Meanwhile, July 15, 16 and 17 have been fixed for the commencement of the trial.
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