Friday, June 28, 2013

Liechtenstein to repatriate Abacha £175m looted fund


A sum of 175m Euros has been confiscated from the family of the late military dictator, Gen. Sani Abacha, and associated companies in Liechtenstein, and will soon be repatriated to Nigeria.
The Attorney-General of the Federation and Minister of Justice, MohammedAdoke, SAN, said this on Thursday at the 2013 Ministerial Platform in Abuja.
The minister explained that negotiations with the Principality of Liechtensteinled to the confiscation of the amount from the Abacha family.
But he added that the confiscation, which followed an order by the SupremeCourt of Liechtenstein, had been appealed by the companies involved.
Adoke said the sum would be repatriated to Nigeria once the appeal was concluded.
He said, “We continued the liaison and negotiations with the Principality of Liechtenstein, which recently confiscated the sum of EUR 175m from the Abacha family and associated companies in Liechtenstein, following a confiscation Order by the Supreme Court of Liechtenstein.
“However, the companies involved have lodged an appeal against the decisionbefore the European Court of Justice in Strasbourg.
“As soon as the appeal is concluded, firm arrangements consistent with the asset recovery provisions of the United Nations Convention against Corruption would be made to repatriate the forfeited sums to Nigeria.”
He said the development was an outcome of intensive efforts by the ministry to trace and repatriate Nigeria’s stolen assets abroad.
The AGF recalled that £22.5m was confiscated and repatriated by the Royal Court of Jersey from Raj Arjandes Bhojwani, an Indian national, and associate of the late Abacha.

No comments: