Punch. Ibori hid assets in Oando – British prosecutor SEPTEMBER 17, 2013 BY DAYO OKETOLA WITH AGENCY REPORT 24 Comments Ibori | credits: File copy Convicted former Delta State Governor, Chief James Ibori, hid some of his assets in an indigenous integrated oil company, Oando Plc, according to a British prosecutor. The prosecutor was quoted by Reuters in a report on Monday as saying that the former governor, who is serving a 13-year jail term in the United Kingdom for fraud and money-laundering, hid some of his assets in the oil firm; adding that money passed from Oando’s accounts into Ibori’s Swiss accounts. Ibori had in February 2012 pleaded guilty to 10 counts of fraud and money-laundering worth £50m. Prosecutor Sasha Wass was quoted as telling the court that she evidence presenting be would ownership of a large part” of Oando, Nigeria’s biggest home-grown oil firm, which is listed Toronto. “The Crown will assert that Oando is a company where James Ibori has hidden assets,” Wass said, giving no further details. One of the biggest embezzlement cases seen in successful prosecution of Ibori was also a rare example of a senior Nigerian politician being corruption that blights Africa’s most populous country. At the time of Ibori’s sentencing in April 2012, Judge Anthony Pitts said the £50m that he had admitted to stealing might be a “ludicrously low” fraction of his total booty, which could be more than £200m. The confiscation hearing will shed further light on the scale of Ibori’s wealth and determine whether he emerges from jail impoverished or still in possession of a large enough fortune to regain a position of influence in Nigeria. Ibori could be released as early as 2016 because he spent two years in custody before his sentencing and because he will be eligible for parole halfway through his prison term. He was not in court on Monday and his lawyer, Ivan Krolick, said Ibori did not wish to attend although he would come to court to give evidence if necessary. In May, the Court of Appeal had rejected Ibori’s appeal against the length of his sentence. During his sentencing hearing, the court heard that Ibori had acquired six foreign properties worth £6.9m, a fleet of luxury cars including a Bentley and a Maybach 62, and that he had tried to buy a $20m private jet. His three daughters were attending a private school in rural England. However, the Head, Corporate Communications, Oando Plc, Mr. Ainojie Irune, who spoke with denied the report that the jailed ex-governor owned a larger part of the oil company. He said, “We state categorically that Mr. James Ibori does not own ‘a large part of Oando’ and that this statement is incorrect and misleading. Oando is a publicly traded company listed on the Nigerian and Johannesburg Stock Exchanges and does not and cannot control the trading in its securities on the floor of the respective Exchanges. “Based on our current share
Posted on: Tue, 17 Sep 2013 09:08:39 +0000