Igbinedion found guilty of money laundering

he Federal High Court sitting in Be­nin yesterday found Michael Igbin­edion guilty in a N25 billion money laundering case instituted against him and five others by the Economic and Financial Crimes Commission (EFCC).

Other accused in the case are Patrick Eboigbodin, former Accountant-General and four companies; Gava Corporation Limited, Romrig Nigeria Limited, PMI Securities Company Limited and PML (Nigeria) Limited.

The accused persons were arraigned on an 81-count charge of money laundering offence said to have been committed when Lucky Igbinedion was the governor of Edo State between 1999 and 2007.

The trial Judge, Justice A.M Lima however reserved sentence for the convicts till today (Thursday).

In a four-hour judgment, the Judge found Michael guilty on counts 79, 80 and 81 which bordered on collecting cash payment above N500,000.

Patrick and PML (Nigeria) Limited were found guilty on counts 50, 51, 52, 53, 54, 55, 56, 57, 58 and 58 which bordered on collaboration to conceal origin of funds amounting to millions of naira paid into their private accounts.

Justice Lima said the prosecution proved alleged collaboration beyond reasonable doubts but discharged all the accused persons on other count charges because the prosecution failed to prove the allegations.

He said the prosecution only proved suspicion and failed to prove illicit origin of funds deposited in some banks.

The Sun news – culled from: http://sunnewsonline.com/new/?p=117053

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