EFCC arraigns P&ID director for allegedly breaching money laundering act

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned a Commercial Director of the Process and Industrial Development (P&ID) Limited, Mohammed Kuchazi, at the Federal High Court, Abuja, for allegedly breaching the Money Laundering Act.

The EFCC’s Head of Media and Publicity, Wilson Uwujaren, who disclosed this in a statement in Abuja, said Kuchazi and his company – Kore Holdings Limited were arraigned on an eight-count charge of failure to comply with the regulations of the Special Control Unit against Money Laundering (SCUML) before Justice F.O. Giwa.

One of the charges read: “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, however, pleaded not guilty when the charge was read to him.

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The EFCC counsel, Bala Sanga, urged the court to pick a date for the trial and remand the defendant in a correctional facility.

The defence counsel, Aniah Ikwen, however, pleaded with the court to grant his client bail on health grounds.

Justice Giwa declined the defence counsel’s request, saying the bail application has not been served to the commission.

He remanded Kuchazi in EFCC’s custody and adjourned the matter till February 4 for hearing of the bail application.

He picked April 27 and 28 for the commencement of trial.

.EFCC arraigns P&ID director for allegedly breaching money laundering act. . | ..

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