Tuesday, December 1, 2020

Nigeria: P&ID Plead ‘Guilty’ To 11 Charges Of Economic Sabotage, Money Laundering

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The Process and Industrial Development Limited (P&ID) and P&ID Nigeria Limited (P&ID) have pleaded guilty to the 11 charges brought against them by the Economic Financial Crimes Commission (EFCC).

The Economic Financial Crimes Commission (EFCC) filed the charges against the two on Thursday at the Federal High Court in Abuja.

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The defendants pleaded guilty to the charges through their representatives when they were arraigned before Justice Inyang Ekwo.

They pleaded guilty to intent to defraud by obtaining property from the Cross River State government, and a second count of obtaining land from the state government with the intent to defraud, as well as ‘count three’ for conspiring with certain individuals to commit a felony by dealing with petroleum product without the appropriate licence.

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The defendants also pleaded guilty to ‘count four’ which was a similar charge to ‘count three’, as well as pleaded guilty to counts five, and count six which bordered on the charges of tax evasion.

They pleaded guilty to count seven, and count eight of concealing the origin of over N3 million operated by P&ID when they knew that the money formed part of proceeded of an unlawful act.

The companies pleaded guilty to count nine that between January and December 2009, they concealed the unlawful origin of over N2 million in a commercial bank when they reasonably ought to know that the proceeds formed part of their unlawful act of tax evasion.

They pleaded guilty to concealing the origin of over N1 million in a commercial bank operated by P&ID when they ought to reasonably know that it formed part of proceeds of tax evasion by the company.

The defendants also pleaded guilty to the last ‘count 11’ for failing to comply with the requirements of submitting a declaration of their activities to the Ministry of Trade and Investment.

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