P&ID Rip-off: Courtroom Orders Closure Of Nigerian Firm Over Cash Laundering

A Federal Excessive Courtroom in Abuja has ordered the closure of Marqott Nigeria Restricted, an

A Federal Excessive Courtroom in Abuja has ordered the closure of Marqott Nigeria Restricted, an alleged confederate within the $9.6bn Gasoline Provide and Processing Settlement between the Ministry of Petroleum Assets and Course of and Industrial Growth Restricted, P&ID Restricted over cash laundering.

In a ruling on Thursday, Decide Donatus Okorowo convicted Marqott Nigeria Restricted after discovering it responsible of all 4 counts most popular towards it.

He additionally ordered that the corporate be wound up and its total belongings forfeited to the Nigerian authorities.

The Financial and Monetary Crimes Fee (EFCC) first arraigned Marqott on Monday, February 7, 2022, for being an confederate within the $9.6bn gasoline provide and processing settlement between the Ministry of Petroleum Assets and P&ID. Marqott had nevertheless pleaded not responsible.

The EFCC fees had learn, “That you just, Marqott Nigeria Restricted, being a delegated Non-financial Establishment; and Giovanni Beccarelli, Valentina Fantoli, and Dimitri Duca, being administrators of and signatories to the checking account of Marqott Nigeria Restricted, someday in September 2014, in Abuja, throughout the Abuja Judicial Division of the Federal Excessive Courtroom, didn’t adjust to the necessities of submitting to the Federal Ministry of Trade, Commerce and Funding, a declaration of actions of Marqott Nigeria Restricted opposite to Part 16(1) (f) learn along with Part 5(1)(a)(ii) of the Cash Laundering (Prohibition) Act, 2011(as amended and also you thereby dedicated an offence punishable underneath part 16(2)(b) of the identical Act.

“That you just, Marqott Nigeria Restricted, being a delegated Non-financial Establishment; and Giovanni Beccarelli, Valentina Fantoli, and Dimitri Duca, being administrators of and signatories to the checking account of Marqott Nigeria Restricted, someday in September 2014, in Abuja, throughout the Abuja Judicial Division of the Federal Excessive Courtroom, didn’t develop packages to fight cash laundering and different unlawful acts, to wit: failure to designate at administration degree a compliance officer inside any strata of Marqott Nigeria Restricted, opposite to Part 16(1)(f) learn along with Part 9(1)(a) of the Cash Laundering (Prohibition) Act, 2011 (as amended) and also you thereby dedicated an offence punishable underneath Part 16 (2)(b) of the identical Act.”

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