Headline

Malabu: Nigeria Loses $1.7 Billion JP Morgan Case

Published

2 years ago

June 14, 2022

Nigeria on Tuesday lost its $1.7 billion claim against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in the controversial Malabu oil deal.

Judge Sara Cockerill ruled Tuesday that the Nigerian government couldn’t show that it had been defrauded in the case.

In the suit, Nigeria is claiming more than $1.7 billion for the bank’s role in the controversial deal. Nigeria also alleges that JP Morgan was “grossly negligent” in its decision to transfer funds paid by oil giants Shell and Eni into an escrow account controlled by a former Nigerian oil minister, Dan Etete.

Earlier in February, Nigerian lawyer, Roger Masefield, argued that the nation’s case rested on proving that there was fraud and JP Morgan was aware of the risk of fraud.

“The evidence of fraud is little short of overwhelming,” the lawyer told the court.

“Under its Quincecare duty, the bank was entitled to refuse to pay for as long as it had reasonable grounds for believing its customer was being defrauded.”

Quincecare refers to a legal precedent whereby the bank should not pay out if it believes its client will be defrauded by making the payment.

Judge Cockerill said Tuesday that by the time of the 2013 payments, the bank was “on notice of a risk” of fraud.

“There was a risk – but it was, on the evidence, no more than a possibility based on a slim foundation,” the judge ruled.

Background
The OPL deal details how Shell and Italy’s Eni in 2011 paid the Nigerian government of then president Goodluck Jonathan a combined $1.3 billion for an oil block. Of that amount $875 million was paid to Malabu Oil & Gas, a company controlled by former oil minister Dan Etete.

Mr Etete had awarded Malabu the rights to the block in 1998 when he was Nigeria’s oil minister.

Within weeks of the deal in April 2011, half of Malabu’s money was allegedly packed into bags and paid out to Nigerian government officials and Western oil executives as cash bribes.

The deal has also spawned further lawsuits, including efforts by a new presidential regime in Nigeria to recover assets. A panel of judges in Milan acquitted the companies and executives, who all denied any wrongdoing, of bribery last March. Prosecutors have however appealed the ruling.

Classified documents from Britain’s financial crime agency seen by this newspaper revealed how it allowed JP Morgan to pay $875 million of suspicious funds to Mr Etete, a former Nigerian oil minister widely known as a convicted money launderer.

The documents, rarely seen Suspicious Activity Reports (SARs), were filed by the banking giant’s London branch as it raised concerns about huge payments it was being asked to make by the Nigerian government to Mr Etete.

The reports were filed in 2011 and 2013 to the UK’s Financial Intelligence Unit (FIU), which at that time sat within the now defunct Serious Organised Crime Agency.

Trial
The trial opened in February with details of the claim by Mr Masefield, who argued that the bank failed in its Quincecare duty.

Damages sought by Nigeria include cash sent to Mr Etete’s company, Malabu Oil and Gas, around $875 million paid in three installments in 2011 and 2013, plus interest, taking the total to over $1.7 billion.

But Bloomberg reports Tuesday that the London High Court judge said no such breach took place.

“The Federal Republic of Nigeria is naturally disappointed by the outcome of the judgment and will be reviewing it carefully before considering next steps,” a spokesman told Bloomberg. He added that the Nigerian government will continue its fight against fraud and corruption and to work to recover funds for the people of Nigeria.

JP Morgan in a statement said that the judgment reflects its commitment to acting with high professional standards in every country it operates in. The bank added that the judgement also shows how “we are prepared to robustly defend our actions and reputation when they are called into question.”

PREMIUM TIMES.

Headline

Grammy Winner Found Dead In Her Apartment

Published

4 hours ago

April 19, 2024

Editor

Grammy-winning singer Mandisa, who rose to fame on season five of “American Idol,” has died.

She died on Thursday, April 18 at the age of 47, her representative said Friday.

“We can confirm that yesterday Mandisa was found in her home deceased,” her representative said in a statement. “At this time we do not know the cause of death or any further details.”

“We ask for your prayers for her family and close knit circle of friends during this incredibly difficult time,” the statement concluded.

A post on the artist’s Facebook page said early Friday: “Mandisa was a voice of encouragement and truth to people facing life’s challenges all around the world. She wrote this song for a dear friend who had passed in 2017.”

“Her own words say it best. I’m already home / You’ve got to lay it down / ‘cause Jesus holds me now— / And I am not alone.”

Born and raised in Citrus Heights, California, Mandisa studied music in college before auditioning for Idol in 2005.

Mandisa’s shot to stardom after placing ninth on “American Idol,” alongside favorites like Katharine McPhee, Kellie Pickler, Chris Daughtry, Paris Bennett, Elliott Yamin and eventual winner Taylor Hicks.

After her Idol elimination, Mandisa went on to release her debut album, True Beauty, in 2007. The LP debuted at No. 1 on the Top Christian Albums charts, a historic feat that made Mandisa the first new female artist ever to debut on the top of the chart’s 27-year history.

True Beauty was the first six albums Mandisa would release throughout her career, including an acclaimed 2008 holiday record, It’s Christmas, and her most recent offering, 2017’s Out of the Dark.

She went on to win a Grammy for Best Contemporary Christian Music Album in 2014 for her album “Overcomer.”

Headline

Man Sets Self On Fire Outside Trump Trial Venue

Published

6 hours ago

April 19, 2024

Editor

A man set himself on fire Friday outside the court where Donald Trump is standing trial in Manhattan, with officers rushing to extinguish the flames.

Burning clothes were strewn in the park, which was locked down by authorities, while ambulances lined up nearby on standby, an AFP correspondent at the scene saw, describing a strong smell of burning chemicals.

The scene unfolded moments after the full panel of 12 jurors and six alternates was selected for the trial of the former president in a hush money cover-up case.

“A male did light himself on fire outside of the Supreme Courthouse. We’re still gathering details from the field,” said a New York Police Department spokesman.

The fire department did not respond to a request for comment, but media reported the man had been taken away for medical treatment.

The incident happened in a park opposite the 100 Centre Street courthouse, which has been used by authorities to corral protesters, both pro-Trump and anti-Trump, as well as by some members of the media.

The park, which is close to several courthouses and other buildings, is a popular local lunch spot.

Trump’s criminal trial, the first of a former president, is being conducted amid tight security in a 15th-floor courtroom swarming with Secret Service officers as well as court police.

New York’s police department had promised a major deployment to ensure the trial passes off safely, with the force’s head of intelligence John Hart calling it a “major challenge.”

AFP

Headline

Police Storm Iranian Embassy In Paris After Man ‘In Suicide Vest’ Threatened To Blow Himself Up

Published

11 hours ago

April 19, 2024

Editor

A man has surrendered to police after he reportedly threatened to blow himself up at the Iranian consulate in Paris with a suicide vest.

According to Mail Online, the man gave himself after 2pm, walking out of the consulate with his hands in the air and giving himself over to police at the scene.

‘He had no explosives or weapons on him,’ said a security source. ‘He was placed under arrest immediately and taken away to a secure police station for questioning.’

Specialist BRI officers continued to swarm around the area, together with sniffer dogs, just in case explosives had been hidden in the area.

‘The security perimeter will be maintained for a while yet,’ said the source.

The individual was for a time holed up inside the building in the French capital’s 16th arrondissement in a room with the ambassador, one report said.

He was said to be wearing an explosive belt and equipped with an object that resembled a grenade, Europe 1 and other sources reported earlier.

The area was cordoned off and evacuated, with a police source saying that an ‘intervention was imminent’.

This suggested officers had been preparing to storm the building.

‘A witness saw a man enter carrying a grenade or an explosive belt,’ a source told France’s AFP news agency, adding that an elite police unit had been mobilised after the consulate requested an intervention.

‘The man presented him at the consulate, and then removed his coat, to show off an alleged explosives vest,’ another security source said at the scene.

‘He said he was carrying a grenade, and then placed a national flag on the floor. He said he wanted to avenge his brother.’

Police ordered the city’s Metro Line 6 to be interrupted as a safety measure.

Europe 1 reported that the embassy contacted the police requesting assistance, reporting that the man was inside the building. It said he was holed up in a room inside the consulate ‘in the presence of the ambassador’.

There were no reports of an explosion.

The incident came amid increasing tensions between Israel and Iran, with the Jewish state today launching strikes against the Islamic Republic.

This was in response to Iran launching over 300 missiles toward Israel on Saturday, 99 percent of which were intercepted by Israel and its allies.