A London court has found former Chief Executive Officer of the defunct Intercontinental Bank PLC, now Access Bank, Erastus Akingbola, GUILTY of stealing and diverting billions of depositors’ funds to buy properties in the United Kingdom and for buying shares for himself in order to manipulate its share price in the stock market.
The court ruled that Akingbola was liable for directing the bank to buy its own shares at a loss of about 145 billion naira ($902 million), siphoning money to companies controlled by him or his family and using Intercontinental funds to buy real estate in the U.K., Judge Michael Burton said in a ruling in London today.
“Quite apart from being contrary to Nigerian law,” Akingbola’s strategy for the bank to buy its own shares “was simply wrong-headed, and was plainly a substantial contributing factor to the collapse of the bank,” Burton said.
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