- Written by By Bertram Nwannekanma
A SWISS litigator and founding partner of Eversheds
Geneva, Switzerland, Gregoire Mangeat Tuesday identified slow pace of
the legal system as reasons why the loot of late Nigerian Head of State,
General Sani Abacha and other corrupt Nigerians are still pending in
Swiss banks.
Mangeat, who spoke at an International Litigation and Asset Recovery Forum organised by Law Digest in Lagos said this situation has resulted in the disappearance of funds lodged in such Swiss banks.
The legal expert, who spoke on the topic, “Choosing forums for dispute resolutions and enforcement: Issues to consider, asset tracing and recovery”, however, gave hope that the Supreme Court in Switzerland will give final judgment in Abacha’s case, which will lead to the repatriation of the money depending on the outcome of the verdict.
The Supreme Court, he said, is expected to determine whether there is a nexus between the family and criminal organisations.
The expert, who said there are criminal codes applying in Swiss banks, which allow them report suspicious transactions, stressed the difficulties when it involved companies, which are subsidiaries to Nigerian companies.
He said: “This is the case in the fuel subsidy scam involving Swiss firms, where companies do not report these scams because of the joint ventures with Swiss entities, which make it difficult to curb money laundering and corrupt customers.
He, however, said Switzerland had last year accepted and granted a request by the Nigerian government on the fuel subsidy scam through the mutual legal assistance with Nigeria Swiss prosecutors, he said, are willing to help Nigeria in unravelling any corrupt practice and recovery of assets of criminal organisations as Switzerland accounts for over 60 per cent of crude oil export from Nigeria and a total of between $40 to $50 billion import of refine petroleum products.
Meanwhile, a Lagos based senior advocate of Nigeria, Kemi Pinheiro has advocated the establishment of a financial service commission independent of the Economic and Financial Crimes Commission (EFCC) for the purpose of tracing, repatriation and forfeiture of proceeds of crimes.
Pinheiro, who spoke on the topic: “Using the Interplay between Civil and Criminal Remedies to Maximise Recovery Opportunities in Nigeria,” said the assets forfeiture unit of the EFCC should be an independent commission.
This, he said, was the case in the United Kingdom, where the Proceeds of Crimes Act (POCA) establish the Assets Recovery Agency (ARA) for the recovery of proceeds of crimes by way of an action in the High Court.
According to him, it is a notorious fact that one of the ills, which have plagued and are still plaguing the Nigerian nation, is corruption in all facets of our national life.
He explained international asset recovery as an effort by government to repatriate the proceeds of corruption holden in foreign jurisdictions.
Such assets, he said, may include monies in bank accounts, real estate, vehicles, arts and artifacts and precious metals.
He also stressed the need to pass the special courts establishment bill as well as the non-conviction based Asset Recovery Bill that is in full conformity with the United Nations Convention Against Corruption (UNCAC).
He also called for the amendment of the existing law to incorporate a provision that places the burden of proof in matters of economic and financial crimes on the accused person once there is reasonable suspicion.
Mangeat, who spoke at an International Litigation and Asset Recovery Forum organised by Law Digest in Lagos said this situation has resulted in the disappearance of funds lodged in such Swiss banks.
The legal expert, who spoke on the topic, “Choosing forums for dispute resolutions and enforcement: Issues to consider, asset tracing and recovery”, however, gave hope that the Supreme Court in Switzerland will give final judgment in Abacha’s case, which will lead to the repatriation of the money depending on the outcome of the verdict.
The Supreme Court, he said, is expected to determine whether there is a nexus between the family and criminal organisations.
The expert, who said there are criminal codes applying in Swiss banks, which allow them report suspicious transactions, stressed the difficulties when it involved companies, which are subsidiaries to Nigerian companies.
He said: “This is the case in the fuel subsidy scam involving Swiss firms, where companies do not report these scams because of the joint ventures with Swiss entities, which make it difficult to curb money laundering and corrupt customers.
He, however, said Switzerland had last year accepted and granted a request by the Nigerian government on the fuel subsidy scam through the mutual legal assistance with Nigeria Swiss prosecutors, he said, are willing to help Nigeria in unravelling any corrupt practice and recovery of assets of criminal organisations as Switzerland accounts for over 60 per cent of crude oil export from Nigeria and a total of between $40 to $50 billion import of refine petroleum products.
Meanwhile, a Lagos based senior advocate of Nigeria, Kemi Pinheiro has advocated the establishment of a financial service commission independent of the Economic and Financial Crimes Commission (EFCC) for the purpose of tracing, repatriation and forfeiture of proceeds of crimes.
Pinheiro, who spoke on the topic: “Using the Interplay between Civil and Criminal Remedies to Maximise Recovery Opportunities in Nigeria,” said the assets forfeiture unit of the EFCC should be an independent commission.
This, he said, was the case in the United Kingdom, where the Proceeds of Crimes Act (POCA) establish the Assets Recovery Agency (ARA) for the recovery of proceeds of crimes by way of an action in the High Court.
According to him, it is a notorious fact that one of the ills, which have plagued and are still plaguing the Nigerian nation, is corruption in all facets of our national life.
He explained international asset recovery as an effort by government to repatriate the proceeds of corruption holden in foreign jurisdictions.
Such assets, he said, may include monies in bank accounts, real estate, vehicles, arts and artifacts and precious metals.
He also stressed the need to pass the special courts establishment bill as well as the non-conviction based Asset Recovery Bill that is in full conformity with the United Nations Convention Against Corruption (UNCAC).
He also called for the amendment of the existing law to incorporate a provision that places the burden of proof in matters of economic and financial crimes on the accused person once there is reasonable suspicion.
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