P&ID Fraud: Directors At Large As EFCC Arraigns Company For Money Laundering

Nov. 25, 2022

The Economic and Financial Crimes Commission, EFCC, on Thursday,  arraigned Resorts Express Concept Nigeria Limited, one of the over thirty companies linked with $9.6b Process and Industrial Development, P&ID, on an eight count-charge bordering on money laundering.

In a statement by the EFCC, appearing before Justice D.U. Okorowo of the Federal High Court, Abuja, the company was docked alongside the directors, Giovanna Beccarelli and Corrado Fantoli, both currently at large.

After the “Not guilty” plea was entered by the court, prosecution counsel, Bala Sanga prayed the court for a trial date, adding that the prosecution has two witnesses. He also asked the court for a warrant for the arrest of Corrado Fantoli, a director of the company, to enable him face trial.

In granting the prayers of the prosecution, Justice Okorowo stated that the prosecution has laid sufficient reason for the grounds of arrest. “The request is hereby granted” and adjourned till December 2, 2022 for commencement of trial.