HSBC laundered $100m for Abacha ― Presidency 


HSBCFOLLOWING HSBC’s prediction that the second tenure for President Muhammadu Buhari will stagnate the nation’s economy, the Presidency has hit back, accusing the leading global bank of laundering $100 million for late dictator, General Sani Abacha.

The Presidency has therefore asked the bank to refund Nigeria’s stolen assets rather than engage in what it termed doomsday prophecy.

A statement issued by Garba Shehu, Senior Special Adviser to the President, (Media & Publicity) in Abuja on Saturday said: “Our investigation agencies believe that HSBC had laundered more than USD 100,000,000 for the late General Sani Abacha in Jersey, Paris, London and Geneva.

“Among these accounts on the records are: AC: S-104460 HSBC Fund Admin Ltd. Jersey ($12,000,000); AC 37060762 HSBC Life (Europe), U.K ($20,000,000) and AC: 38175076 HSBC Bank Plc. U.K ($1,600,000).

“The bank is also suspected in the laundering of proceeds of corruption involving more than 50 other Nigerians, including a serving Senator as earlier indicated.”

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The Presidency said it wished to make clear to all Nigerians, and particularly HSBC that what killed Nigeria’s economy in the past was “the unbridled looting of state resources by leaders, the type which was actively supported by HSBC.”

The statement further said: “A bank that soiled its hand with ‘’millions of US dollars yet-to-be-recovered Abacha loot,’ and continued until a few months ago to shield the stolen funds of one of the leaders of the Nigerian Senate has no moral right whatsoever to project that a ‘second term for Mr Buhari raises the risk of limited economic progress and further fiscal deterioration.’

“Rather, we ask them to heed President Buhari’s constant refrain: return our stolen assets, then see how well we will do.

“From the facts available to our investigation agencies, HSBC’s put down on President Buhari is no more than an expression of frustration over the administration’s measures put in place which has abolished grand corruption, the type which this bank thrives on in many countries.

“They may also just be out to discredit the President out of the fear of sanctions and fines following the national assets that are stolen.

“With the coming of President Buhari, it is not a secret that corruption, corrupt individuals, banks and other corporate entities that aided corrupt practices are under investigation for various offences.

“For many of them, including their friends in the media, they would rather have President Buhari out of their way, for business as usual to return.”

Citing a book, “Secrecy World: Inside the Panama Papers Investigation,” published in 2017, the Presidency pointed out that Jack Bernstein told the story of global money laundering highlighting the unenviable place of the HSBC.

The statement stated: “This is a bank that states and federal authorities in the U.S. forced to pay $1.92 billion to settle charges of money laundering; fined $1.2 billion in Hong Kong for “systemic deficiencies” in bond sales and was made to pay $100 million in currency rigging settlement as reported by The Telegraph of 18th January, 2018.”

The post HSBC laundered $100m for Abacha ― Presidency  appeared first on Tribune.

Credit: The Tribune

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