US FREEZE ABACHAS ASSETS The United States said on Wednesday it had ordered a freeze on $458 million in assets hidden in European accounts by former Nigerian dictator Sani Abacha and his conspirators. The Justice Department said the corruption proceeds, stashed away in bank accounts in Britain, France and Jersey, were frozen at Washingtons request with the help of local authorities. This is the largest civil forfeiture action to recover the proceeds of foreign official corruption ever brought by the department, said Mythili Raman, acting assistant attorney general. According to a civil forfeiture complaint unsealed in the US District Court in Washington, the department seeks the recovery of more than $550 million in connection with the action. The Justice Department said the corruption proceeds arose during and after the military regime of General Abacha, who became president of Nigeria through a military coup on November 17, 1993 and held that office until his death on June 8, 1998. The complaint alleges that Abacha, his son Mohammed Sani Abacha, their associate Abubakar Atiku Bagudu and others embezzled, misappropriated and extorted billions from the government of Nigeria and others, then laundered their criminal proceeds through the purchase of bonds backed by the United States using US financial institutions. Raman said the department was determined to tackle kleptocracy by seizing the assets of foreign leaders who steal funds that properly belong to the citizens they serve. Todays action sends a clear message: we are determined and equipped to confiscate the ill-gotten riches of corrupt leaders who drain the resources of their countries. Copyright AFP All rights reserved. This material may not be reproduced, published, broadcast, rewritten or redistributed without prior permission in writing from AFP.
Posted on: Thu, 06 Mar 2014 20:41:50 +0000
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