The Process and Industrial Development Ltd on Thursday pleaded guilty before a Federal High Court in Abuja on all eleven count charges leveled against them by the Economic and Financial Crimes Commission (EFCC).
Representatives of the company were arraigned by the EFCC over charges of fraud and tax evasion in respect of the contract leading to the recent controversial judgment of a British court empowering the firm to seize about $9.6bn worth of Nigerian assets.
The EFCC 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.
The two representative of the firm pleaded guilty to all the eleven counts read to them before Justice Inyang Ekwo on Thursday.
Kuchazi was represented by his lawyer, Dandison Akurunwua, while Usman represented himself.
The charges among others accused the company 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 award by an arbitrary court in the UK.
SEE UPDATE HERE: BREAKING: $9.6 billion award- Court orders forfeiture of P&ID assets in Nigeria
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