$9.6bn Contract: Court orders forfeiture of P&ID assets to FG

Image result for P&ID and courtA Federal High Court in Abuja has ordered the closure of business and forfeiture of assets of Process and Industrial Limited to the federal government.

This judgment comes after the two defendants were found guilty of eleven count charges against them.

Moyo Thomas reports that the federal government has followed up on its pledge to bring to book all those involved in the Process and Industrial Ltd scandal, with the Economic and Financial Crimes Commission arraigning 2 persons involved in the deal,a commercial director of P&ID incorporated in British Virgin Islands Muhammad Kuchezi, and , its representative in Nigeria, Adamu Usman.

They both pledged guilty to 11 count charges bothering on economic sabotage, tax evasion, and money laundering

Justice Edward Ekwo who made the order for the winding down of the businesses and forfeiture of their assets said the punishment meted out are enshrined in the law -Advance fee fraud act and money laundering act.

The prosecutor and defendant to the first convict said the judgments are in order. A 3 member arbitration panel found Nigeria guilty of breach of contract and awarded damages of about 9Billion Naira to P&ID.

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