By KaftanPost Correspondent
A federal high court sitting in Abuja has ordered the forfeiture of the assets of controversial Irish firm, Process and Industrial Development (P&ID), to the federal government.
Justice Edward Ekwo also convicted two officials of the company, Messrs Muhammad Kuchazi, a commercial director with P&ID incorporated in the Britist Virgin Islands and Adamu Usman, a director of the company in Nigeria.
The court’s order was sequel to an 11-count charge bordering on money laundering, abuse of office and economic sabotage brought against them by the Economic and Financial Crimes Commission (EFCC).
P&ID is at the centre of a contractual disagreement with Nigeria in which a commercial court in London recently awarded $9.6 billion damages against the country for breach of contract over a failed gas-to-electric power project somewhere in Cross Rivers State.
The company and the federal government entered into the contract in 2010.
After the charges were read out in court Thursday, the two accused pleaded guilty and were subsequently convicted based on the plea taken.
…more details soon
