IBORI: COURT EXTENDS ORDER ON FREEZING ASSET

James Ibori (right)

The Court of Appeal, Criminal Division in London has extended the order freezing the world-wide assets belonging to the former Governor of Delta State, Chief James Ibori, till November 29, 2007, when the Crown Prosecution and lawyers to the ex-governor are expected to appear in court.

At a directions hearing held in-chamber by Justice Thomas by 10:00AM , the judge  also set out  the procedures for interacting with his assets outside of the UK,  which allows James Ibori to spend up  a certain amount  with permission from the court.

The value of the assets estimated to be in the region of £35 million, include a Bombardier private plane, properties in the United Kingdom and money in bank accounts.

The extension of the order freezing the assets was based on an appeal by UK’s Director of Public prosecution (DPP), Sir Ken Macdonald (QC) against a lower court’s vacation order defreezing the assets last week.

The Court of Appeal on Monday, however, reversed the vacation order when it refroze the assets and requested both counsels for the prosecution and the former governor to appear in court yesterday.   
But in granting the latest extension till November 29, Right Honorable Lord Justice Thomas sitting in chambers, stipulated specific conditions under which Ibori could access his assets outside the United Kingdom, which would permit him certain expenditure from, and enable interaction with his bank accounts and assets.

In a statement issued by Ibori’s spokesman, Sheddy Ozoene, the former governor on the basis of the latest ruling has now been permitted to access funds from the accounts to pay expenditure incurred in the ordinary course of legitimate business, on the condition that he notifies the Crime Prosecution Service in advance of any item of expenditure exceeding a value of £100,000.

He is also permitted to carry out expenditures of up to £75,000.00 on living expenses as well as funds to be utilized as is necessary for travel and traveling expenses.

In addition, such sums as are required to be paid for legal expenses incurred in connection with the proceedings are excluded from the stay.

The statement indicated that the case has been listed for hearing of the appeal for 3 hours on November 13 2007.

“Chief Ibori considers this as a positive development and an indication towards eventual de-freezing of all the assets involved,” it concluded.

The British Metropolitan police obtained a restraining order barring the former governor from interacting with his assets on August 2 2007 while they were carrying out their investigations into charges of money laundering and diversion of public funds.

The investigation dates back almost two years and has been carried out in cooperation with the Economic and Financial Crimes Commission (EFFC). But the Met suffered an embarrassing set back last week when a judge lifted the freeze on the assets, citing the time the investigation had taken and the lack of progress on a decision whether to charge Ibori or not.

Also, a letter written by the Minister of Justice and Attorney General of the Federation, Michael Aondoakaa to Ibori’s lawyers, Speechly Bircham, stating the former governor was not being tried or convicted in Nigeria for any charges relating to money laundering or any other offences, helped persuade the Southwark Crown Court that there was insufficient proof the assets were the proceeds of crime and vacated the August order, last week.