P&ID Scam: Court Orders Closure Of Nigerian Company Over Money Laundering

A Federal High Court in Abuja has ordered the closure of Marqott Nigeria Limited, an alleged accomplice in the $9.6bn Gas Supply and Processing Agreement between the Ministry of Petroleum Resources and Process and Industrial Development Limited, P&ID Limited over money laundering.In a ruling on Thursday, Judge Donatus Okorowo convicted Marqott Nigeria Limited after finding it guilty of all four counts preferred against it.He also ordered that the company be wound up and its entire assets forfeited to the Nigerian government.The Economic and Financial Crimes Commission (EFCC) first arraigned Marqott on Monday, February 7, 2022, for being an accomplice in the $9.6bn gas supply and processing agreement between the Ministry of Petroleum Resources and P&ID. Marqott had however pleaded not guilty.The EFCC charges had read, 'That you, Marqott Nigeria Limited, being a designated Non-financial Institution; and Giovanni Beccarelli, Valentina Fantoli, and Dimitri Duca, being directors of and signatories to the bank account of Marqott Nigeria Limited, sometime in September 2014, in Abuja, within the Abuja Judicial Division of the Federal High Court, failed to comply with the requirements of submitting to the Federal Ministry of Industry, Trade and Investment, a declaration of activities of Marqott Nigeria Limited contrary to Section 16(1) (f) read together with Section 5(1)(a)(ii) of the Money Laundering (Prohibition) Act, 2011(as amended and you thereby committed an offence punishable under section 16(2)(b) of the same Act.'That you, Marqott Nigeria Limited, being a designated Non-financial Institution; and Giovanni Beccarelli, Valentina Fantoli, and Dimitri Duca, being directors of and signatories to the bank account of Marqott Nigeria Limited, sometime in September 2014, in Abuja, within the Abuja Judicial Division of the Federal High Court, failed to develop programs to combat money laundering and other illegal acts, to wit: failure to designate at management level a compliance officer within any strata of Marqott Nigeria Limited, contrary to Section 16(1)(f) read together with Section 9(1)(a) of the Money Laundering (Prohibition) Act, 2011 (as amended) and you thereby committed an offence punishable under Section 16 (2)(b) of the same Act.'LegalNewsAddThis:Original Author:SaharaReporters, New YorkDisable advertisements:
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