The representatives of the Process and Industrial Developments (P&ID) Limited on Thursday pleaded guilty before the Federal High Court in Abuja, to the charges of fraud and tax evasion instituted against them.
The court case was in respect of the contract leading to the judgment of a British court giving P&ID the nod to seize about $9.6bn worth of Nigerian assets.
Concise News had earlier reported that the Economic and Financial Crimes Commission (EFCC) had arraigned the two P&ID representatives linked to the controversial oil contract (P&ID) that led to the judgment of the British Court that ordered the seizure of Nigeria’s foreign assets worth $9.6billion on Thursday, September 19.
This online news platform understands that the firms, P&ID Ltd, Virgin Island, its Nigerian affiliate, P&ID Nigeria Ltd, pleaded guilty to 11 counts of fraud and tax evasion.
The firm’s Commercial Director, Mohammad Kuchaz, represented P&ID Ltd, Virgin Island while P&ID Nigeria Limited was represented by Adamu Usman, who is also a lawyer.
It was learned that Kuchaz, represented by his lawyer, Dandison Akurunwua and Usman, represented himself, pleaded guilty to all the 11 counts read to them before Justice Inyang Ekwo on Thursday.
Kuchaz and Usman 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.