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| Babalakin |
Chairman of
Bi-Courtney Ltd, Dr Wale Babalakin has been cleared of involvement in a money
laundering case investigated by the London police, says a report.
The EFCC had accused
Babalakin and four others of laundering over N3.4billion through Mauritius for
ex-Governor James Ibori to buy a controversial Challenger Jet Aircraft.
The others are
Stabilini Visinoni Limited, Bi-Courtney Limited, Alex Okoh, and Renix Nigeria
Limited.
But a report prepared
by the Metropolitan Police has shown that Babalakin or his company has no link
with the purchase of the Challenger Jet by Ibori.
There was also no part
of the report showing that Babalakin is wanted in the United Kingdom or
anywhere in connection with the deal by Ibori.
EFCC had also accused
the five suspects of siphoning $11.3million abroad for Ibori through Erin
Aviation Account in Mauritius.
But a document
obtained yesterday by our correspondent revealed that neither Babalakin nor any
of his firms was on the list of those investigated by the Met Police.
None of the suspects
implicated in the alleged scandal was referred to in the Met Police document.
The Met Police said
its officers were prepared to come to Nigeria to testify.
The Met Police
implicated a London based solicitor called Bhadesh Babulal GOHIL (BG) as the
mastermind of how the controversial jet was purchased.
These facts were
contained in a bundle of information, dated August 14, 2014, which was sent to
the immediate past Attorney-General of the Federation, Mr Mohammed Bello Adoke
(SAN) from the UK Central Authority Judicial Cooperation Unit.
In the document, which
gave insights into how the Challenger Jet was bought, there was no mention of
Babalakin or any of his companies.
The information reads in
part: "A mutual legal Assistance Letter of Request was received by the
United Kingdom Central Authority from Mr Mohammed Bello Adoke, SAN, CFR, the
Attorney General of Nigeria dated 11th July 2012 and was referenced
CAU/MLA/007/12.
"This request was
for assistance to obtain evidence in relation to an investigation conducted by
the Metropolitan Police in relation to the funding of a jet aircraft by a
company called Erin Aviation. This statement is made to clarify the
investigation.
"The funding of
this aircraft was part of an investigation called Operation Tureen and centred
on the money laundering activities of James Onanefe Ibori (JI). The
investigation began in March 2005 and as it progressed, it became apparent that
JI has utilised the services of a London based solicitor called Bhadesh Babulal
GOHIL (BG).
"JI had
instructed BG to purchase UK property, assist with his very day expenses such
as utility bills, his children's school fees and his Centurion American Express
credit card bills amongst others.
"The
investigation also revealed that BG was involved in the purchase of a
Challenger Jet aircraft from a Canadian company called Bombardier Inc. BG used
his company's client accounts to launder stolen monies received from Nigeria
and falsified due diligence documents to authenticate the monies he received.
"As the
investigation progressed, it became necessary to arrest BG for his role in the
money laundering activity and to search his business premises.
"BG was arrested
by DC Greenwood on suspicion of money laundering at the premises and was
cautioned. The premises were searched and a large quantity of documentation and
computers were seized.
"From examination
of the material seized from the premises it became apparent that BG had been
instructed to purchase a luxury business jet aircraft from a Canadian company
called Bombardier Inc based in Texas and Canada.
"BG, in his
capacity as a solicitor, conducted the required legal work for the purchase
price of the jet aircraft which was due to cost in excess of $20million.
"BG used a
variety of 'off the shelf company vehicles’ to purchase property for JI and his
family in particular. BG used the services of a fiduciary company called Copex
Management Services (CMS) who were based in Mauritius to set up such companies.
"For the purchase
of the aircraft, BG intended to use an 'off the shelf company called Teleton
Quays Ltd
(TQ) which was a
special purposed vehicle designed to simply hold the ownership.
"TQ was
incorporated by BG in the British Virgin Islands using a formation agency
called Trident Trust on 22nd April 2005 and the early contracts paperwork with
Bombardier Inc showed TQ as the initial purchaser.
However, BG actually
used TQ to purchase a house in Dorset, UK, for JI situated at 42 Great Ground,
Shaftsbury, because the builders required a quick sale and BG had no other
special purpose vehicle available.
"Therefore, BG
then needed a new separate special purpose vehicle to hold the ownership of the
jet aircraft. BG therefore instructed CMS to incorporate a company called Erin
Aviation in Mauritius. "The papers seized
from Arlington Sharmas Solicitors offices on the 7th November 2007
revealed that Erin Aviation was beneficiary; owned by a NM who it was
established was a known associate of JI.
"It is my belief
that NM was a 'front man' introduced into the intended aircraft purchase in
order to keep JI's name away from the ownership."
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