Ibori hid assets in Oando – British prosecutor ....to be released in 2016. 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 would be presenting evidence that Ibori had “asserted ownership of a large part” of Oando, Nigeria’s biggest home-grown oil firm, which is listed in Lagos, Johannesburg and 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 Britain, the successful prosecution of Ibori was also a rare example of a senior Nigerian politician being held to account for the 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. Punch.
Posted on: Tue, 17 Sep 2013 05:58:51 +0000
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