Court Slams N60M Fine Against KeystoneBankng, Convicts Bank Officials Of Financial Scandal | Sahara Reporters The Court held that Bank PHB used two of its top officials as its hand to perpetuate fraud alongside an Indian, Ashok Israni in... READ MORE:
In her judgement on 9th December 2019, Hon. Justice K.A Jose said the matter is serious because it involved a bank and"there is a need to send a message that this kind of behaviour is not right".The Lagos State High Court Ikeja, has convicted top officials of Keystone Bank and has slammed a fine of N60M against the Bank over a case of financial impropriety bothering on fraud, false misrepresentation and stealing of a multimillion Naira sum.
The Court held that Bank PHB used two of its top officials, Anayo Nwosu and Olajide Oshodi as its hand to perpetuate fraud alongside an Indian, Ashok Israni in which case, the sum of N285M belonging to both Dozzy Oil gas Ltd and Treasure Much Ltd was used to defray the indebtedness of Nuclec Industries Ltd to Bank PHB.
The Court further held that Nulec Industries Ltd in page 8 of its Private Placement Memorandum made a false statement which offended Section 436 of the Criminal Code, when the company represented that it would list its stock on the floor of the Nigerian Stock Exchange after a completion of the private placement exercise.
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