Mr.Thomas Iseghohi, Mohammed Buba and Mike Okoli; the group Managing Director, Company Secretary and Deputy General Manager respectively of Transcorp Plc, were this morning in Abuja arraigned before Justice Anwuri Chikere of the Federal High Court; Abuja Division.
The Transcorp executives were slammed with a 32-count charge. Collectively they were alleged to have conspired amongst themselves to commit offences ranging from disguising and concealing various sums of money both in domestic and foreign currencies, fraudulent issuance and award of contracts as well as fraudulent transfer of various sums of money to foreign bank accounts.
Count one on the charge sheet alleged that the trio conspired to disguise and conceal the sum of 15 billion Naira through fraudulent issuance of contracts, payment of legal fees, consultancy fees, professional fees, adverts, public relations and general mismanagement of the Nigeria Telecommunication company; NITEL. This offence was alleged to be in breach of and punishable under section 17 (a) and (b) of Money Laundering Prohibition Act 2004.
They were also alleged to have paid out the sum of 1.2 million USD to an account domiciled in the United States of America belonging to Global Employment Solution Incorporated with the intent of defrauding the company and conferring benefits upon themselves.
The embattled Transcorp executives were also accused of following up this fraudulent payment with yet another illegal transfer of the sum of one $100,000 to the same company’s account domiciled in the US. Another company; Anchor Pointe Integrated Limited, also received dollar denominated payments from the trio purportedly for the management of an oil block which had been revoked by the Federal Government of Nigeria. Anchor Pointe Integrated was receiving the sum of $108, 000 US Dollars monthly for the management of the revoked oil block
The Group Managing Director and his co-accused were also alleged to have paid out the sum of 64 million Naira to a company; Lansak International Limited, being payment for a false contract awarded the company for the rentage of an office space that was not in use, with the intent to confer benefits to themselves as well as $500,000 to another company; Hammattan Ventures Limited for arranging meetings for the GMD and other sundry issues outside the country.
After pleading not guilty to all these charges, the presiding judge remanded the accused persons to Kuje Prison within the Abuja metropolis on the request of the Economic and Financial Crimes Commission (EFCC) who told the court that their facilities are stretched and can no longer accommodate the three Transcorp executives.
The court adjourned to June 9 2008 for the bail hearings.
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