MONEY LAUNDERING: COURT REMANDS P& ID DIRECTOR IN CUSTODY AFTER ARRAIGNMENT

Eric Ikhilae, Abuja

 

A Federal High Court in Abuja on Monday ordered that the Commercial Director of Process and Industrial Developments (P&ID) Limited of Virgin Island, Muhammed Kuchazi, be remanded in the custody of the Economic and Financial Crimes Commission (EFCC).

Justice Folashade Giwa-Ogunbanjo, who gave the order, said Kuchazi is to remain with the EFCC until Thursday when his bail application would be heard.

Kuchazi was arraigned before the court along with his company – Kore Holdings Limited – on an eight-count charge bordering on failure to comply with the regulations of the Special Control Unit Against Money Laundering (SCUML), as stipulated in the Money Laundering Prohibition Act.

A count in the charge reads: “That you, Kore Holdings Limited, being a designated non-financial institution; Muhammed Kuchazi, being a Director of and signatory to the bank account of Kore Holdings Limited, sometimes in May 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 the activities of Kore Holdings 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.”

Kuchazi pleaded not guilty to the charge while a plea of no-guilty was entered for his company.

On September 19, 2019, Kuchazi represented P&ID of Virgin Island at a criminal proceedings before Justice Inyang Ekwo of the Federal High Court in Abuja in which the company and its Nigerian affiliate, P&ID Nigeria Limited, were convicted on an 11-count charge brought against them by the EFCC.