9jabook & Tweeterest Digital Network !

from 9jabook

Atiku & wife in 40million Dollars US laundering Investigation

The Can of worms has been reopened and this brings to mind the shortcomings of another Top Aspirant who still has cases of Wash Wash as the yahoo yahoo boys like to call money laundry .Patience Jonathan's Can of Worms should be reopened as well thank you

V. ABUBAKAR CASE STUDY: USING OFFSHORE COMPANIES

TO BRING SUSPECT FUNDS INTO THE UNITED STATES

Jennifer Douglas Abubakar, a U.S. citizen, is the fourth wife of Atiku Abubakar, the

former Vice President of Nigeria and a former candidate for the Presidency of Nigeria. This case

history examines how, from 2000 to 2008, Ms. Douglas helped her husband bring over $40

million in suspect funds into the United States, including at least $1.7 million in bribe payments

from Siemens AG, a German corporation, and over $38 million from little known offshore

corporations, primarily LetsGo Ltd. Inc., Guernsey Trust Company Nigeria Ltd., and Sima

Holding Ltd.

Over half of the suspect funds, nearly $25 million, were wire transferred by the offshore

corporations into U.S. bank accounts opened by Ms. Douglas. For most of the time period

examined, the U.S. banks with those accounts were unaware of Ms. Douglas’ PEP status, and

allowed multiple large wire transfers into her accounts from the offshore corporations. As, over

time, each of the banks began to question the wire transfers into her accounts, Ms. Douglas

indicated that all of the funds came from her husband and professed little familiarity with the

offshore corporations actually sending her money.

Bank records indicate that Ms. Douglas used most of the funds placed into her accounts

to support a lavish lifestyle in the United States, paying credit card bills and household expenses

in the range of $10,000 to $90,000 per month, including substantial legal and accounting bills.

She also transferred funds to accounts she opened for the Gede Foundation, a nonprofit

corporation she established in 2002, and the American University of Nigeria (AUN), a university

that Mr. Abubakar founded in 2003, and whose name reflects its association with American

University in the United States.

An additional $14 million of the suspect funds were wire transferred by two of the

offshore corporations, LetsGo and the Guernsey Trust Company, to American University to pay

for consulting fees related to AUN. American University officials told the Subcommittee that

they understood the funds came from Mr. Abubakar and never inquired why the wire transfers

were sent by unfamiliar offshore corporations. At least another $2.1 million was wire transferred

by the Guernsey Trust Corporation to accounts controlled by Edward Weidenfeld, a U.S. lawyer

who provided legal services to Ms. Douglas, Mr. Abubakar, and AUN. Mr. Weidenfeld

explained that the funds paid for the Abubakars’ legal expenses and an account set up for AUN,

and that he had assumed the funds came from Mr. Abubakar.

Over the years, questions have been raised about the source of Mr. Abubakar’s wealth.

He spent twenty years in the Nigerian Customs Service, and then worked in the private sector for

ten years, before serving as Vice President of Nigeria from 1999 to 2007. While Vice President,

Mr. Abubakar was the subject of corruption allegations relating to the Nigerian Petroleum

Technology Development Fund. In December 2008, the U.S. Securities and Exchange

Commission alleged in a formal complaint against Siemens AG, a German company, that,

among other actions, in 2001 and 2002, Siemens wire transferred $2.8 million in bribe payments..

to a U.S. bank account belonging to Ms. Douglas as part of a scheme to bribe Nigerian officials.

In response to this and other legal actions, Siemens admitted to engaging in widespread bribery the committee that he surmised the Gede Foundation account was closed due to its

association with Ms. Douglas.1172

Chevy Chase told the Subcommittee that it tendered its resignation from the JDA Family

Trust in January 2006, and intended to close the account soon after, but Mr. Weidenfeld had

informed Chevy Chase that he was having a difficult time finding a replacement trustee.1173

Mr. Weidenfeld told the Subcommittee that he contacted the following institutions which

declined to take the trust: PNC Bank, Ashbridge Investments, J.P. Morgan Private Bank,

Samson Capital in New York, Neville Rody and Shaw, and Papamarkou Asset Management in

New York City, before finding a company that would take the trust.1174 An internal Chevy Chase

email noted: “At least five foreign financial institutions with no presence in the United States

have refused to take this business.”1175 Chevy Chase told the Subcommittee: “Under principles

of trust law, Chevy Chase Trust had a duty to continue as the corporate trustee until a

replacement trustee was found or Jennifer Douglas Abubakar and Francis Iwenjiora exercised

their powers under the trust to remove Chevy Chase Trust.”1176

$500,000 Wire Transfer to Faibros Investments. More than a year and a half after

Chevy Chase tendered its resignation from the JDA Family Trust and while the search for a new

trustee continued, a JDA Family Trust request for a $500,000 wire transfer raised new concerns

at the bank. In September 2007, the JDA Family Trust requested a wire transfer of $500,000 to

Faibros Investments FZ-LLC in Dubai, one of the United Arab Emirates.1177 In a September 17,

2007 letter to Ms. Douglas’ legal counsel, the Chevy Chase Trust Company declined to complete

the wire transfer. The Trust Company wrote:

“[O]ur primary business is the investment management of individual’s wealth. We do have

trust powers and serve as a fiduciary primarily for our clients for whom we manage their

investments. In a few limited circumstances we serve as directed trustee where another

entity, well known to us, is the investment manager.”1178

1172 11/13/09 letter from Mr. Weidenfeld’s legal counsel, London & Mead, to the Subcommittee, PSIAbubakar_&_

Weidenfeld-01-0030

1173 9/5/08 letter from Chevy Chase’s legal counsel to the Subcommittee, PSI-Chevy_Chase-06-0001-07, at 05.

Mr. Weidenfeld’s legal counsel also told the Subcommittee: “With the Citibank account closing, a replacement

facility was urgently required. At approximately the same time, Chevy Chase Bank gave notice it would no longer

serve as trustee for the Jennifer Douglas Family Trust (‘the JDA trust’), and the money manager for the JDA trust

announced their intention to resign. The Abubakars requested that Mr. Weidenfeld find a new money manager, as

well as a new trustee to replace Chevy Chase.” 11/13/09 letter from Mr. Weidenfeld’s legal counsel, London &

Mead, to the Subcommittee, PSI-Abubakar_&_Weidenfeld-01-0023.

1174 11/13/09 letter from Mr. Weidenfeld’s legal counsel, London & Mead, to the Subcommittee, PSIAbubakar_&_

Weidenfeld-01-0024.

1175 11/29/07 email among Chevy Chase officials, JD_005785-86.

1176 9/5/08 letter from Chevy Chase’s legal counsel to the Subcommittee, PSI-Chevy_Chase-06-0005; see also

5/8/07 letter from Chevy Chase’s legal counsel to the Subcommittee, PSI-Chevy_Chase-CL000004; 10/10/00 JDA

Family Trust instrument, JD_000012.

1177 See JD_005474-75 for letter from Francis Iwonjora and Jennifer Ms. Douglas Abubakar requesting that

$500,000 be transferred from the trust to Fabros Investments FZ LLC in Dubai UAE. Iwonjora is Douglas’ brother.

11/13/09 letter from Mr. Weidenfeld’s legal counsel, London & Mead, to the Subcommittee, PSIAbubakar_&_

Weidenfeld -01-0019.

1178 9/14/07 letter from Chevy Chase Bank to Mr. Weidenfeld, JD_005476-77.

Article Views: 123 share what you think

Comment

You need to be a member of 9jabook & Tweeterest Digital Network ! to add comments!

Join 9jabook & Tweeterest Digital Network !

Comment by Angela Nkama on November 29, 2010 at 8:33am
this is just the beginning!
Namecheap.com

Badge

Loading…

© 2019   Created by 9jabook.com.   Powered by

Badges  |   |  Terms of Service

--> tweet Search Related Posts Plugin ...