Courts / Ireland / Report
CAB freeze €5m in investment bonds linked to family of late Nigerian military dictator
Summary
The Criminal Assets Bureau (CAB) has obtained a temporary freezing order under Section 2 of the Proceeds of Crime Act to halt the sale of Irish‑held investment bonds worth US$6.5 million (€5.22 million). The bonds are alleged to have been purchased with money illegally extracted from Nigeria by the late dictator General Sani Abacha's regime and laundered through Swiss, London and New York institutions. CAB claims the bonds breach Irish tax‑evasion laws and are linked to Abacha's eldest surviving son, Mohammed Sani Abacha. The freezing order was secured ex‑parte, and the case was adjourned to a later date while the court awaits an update on serving notice to Mr Abacha, who resides in Nigeria. The CAB's action follows a broader international effort to recover funds looted by Abacha's government.
Who, what, where, when and why
What: Report matter: CAB freeze €5m in investment bonds linked to family of late Nigerian military dictator. Procedural stage: hearing_or_decision
When:
- 2014-11-10 Publication
Why: Counsel said the companies were informed by the General's associates that the contracts allowing them operate in Nigeria would be considered invalid unless the regime was "paid a percentage of the contract's value" in order to re-validate them. CNI source report
Places mentioned
- High Court
- Irish High Court
Topics
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