Resorts Express Concept Nigeria Limited is standing trial alongside two directors of the company, Giovanna Beccarelli and Corrado Fantoli, who are currently at large.
The defendants are facing an eight-count charge bordering on alleged money laundering and failure to comply with statutory requirements relating to anti-money laundering regulations.
At Tuesday’s proceedings, prosecution counsel, Bala Sanga, told the court that the prosecution was ready to commence examination-in-chief of its first witness, Ibinabo Mary Amachree, a staff member of the Economic and Financial Crimes Commission (EFCC) and Deputy Director of the Special Control Unit Against Money Laundering (SCUML).
Testifying as the first prosecution witness, Amachree told the court that SCUML received a letter from the EFCC on October 25, 2021, requesting information on the compliance status of Resorts Express Concept Nigeria Limited.
She said SCUML responded to the request on October 28, 2021, after reviewing the company’s compliance status.
According to the witness, the company allegedly failed to submit a business activity report to SCUML.
She also told the court that the defendant allegedly failed to appoint a compliance officer at management level and did not provide the required anti-money laundering training for its employees.
Amachree further alleged that the company failed to file a Currency Transaction Report (CTR) concerning a payment of N5.524 million made to an individual identified as Wan Jar.
She said the payment was made on March 7, 2015, from the company’s Guaranty Trust Bank account.
Witness Links Company To P&ID
The witness also told the court that Resorts Express Concept Nigeria Limited had a relationship with Process and Industrial Developments Limited (P&ID), the company involved in a long-running dispute with the Nigerian government over a multibillion-dollar arbitration award.
According to Amachree, one of the directors of Resorts Express was also a director of P&ID, while both companies allegedly shared a common address.
She further testified that the defendant carried out transactions which, according to her, exceeded the applicable cash transaction threshold.
Amachree told the court that on March 7, 2013, Resorts Express received a cash deposit of N7.497 million from an individual identified as Gwanmna.
She added that on March 5, 2013, the company received N6 million in cash from Giovanna Beccarelli.
The witness also told the court that on March 7, 2018, Resorts Express made a payment of N5.544 million to an individual identified as Wan Jafars.
The prosecution is relying on the testimony and documents presented in court to establish its allegations against the company and its directors.
Following the completion of the witness’s examination-in-chief, Justice Okorowo adjourned the case until Wednesday, January 11, 2023, for cross-examination.
The proceedings are continuing as the court considers the allegations brought against the defendants.
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