– Representatives of P&ID Ltd pleaded guilty before Federal high court
– The british court empowered the firm through its judgement to seize about $9.6bn worth of Nigerian assets
– The Economic and Financial Crimes Commission on Thursday arraigned P&ID Ltd, Virgin Island, its Nigerian affiliate, P&ID Nigeria Ltd
Representatives of the Process and Industrial Development Ltd(P&ID) have pleaded guilty before the Federal High Court in Abuja to charges of fraud and tax evasion set up against them on the contract leading to the recent controversial judgment of a British court.
Earlier, the british court empowered the firm through its judgement to seize about $9.6bn worth of Nigerian assets.
The Economic and Financial Crimes Commission on Thursday arraigned P&ID Ltd, Virgin Island, its Nigerian affiliate, P&ID Nigeria Ltd on 11 counts of fraud and tax evasion.
P&ID Ltd, Virgin Island was represented by its Commercial Director, Mohammad Kuchazi, P&ID Nigeria Limited was represented by Adamu Usman, who is also a lawyer.
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Both men pleaded guilty to all the 11 counts read to them before Justice Inyang Ekwo on Thursday.
Kuchazi was represented by his lawyer, Dandison Akurunwua, while Usman represented himself.
They were accused of fraudulently claiming to have acquired land from the Cross River State Government in 2010 for the gas supply project agreement which led to the $9.6bn judgment.
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