Panama papers reveal how Ibori looted Delta state fund
The leaked Panama papers allegedly linked Stanhope Investments, Julex Foundation, Financial Advisory Group Ltd. and Hunglevest Corporation as the four companies owned by Ibori in tax havens.
It was gathered that other companies such as Borel and Barbey, a Swiss law firm, The Hopes Trust and Howard LLP in London also had links to Mr Ibori Mr. Ibori’s ordeal began in April 2005 when the U.K. authorities uncovered his fraudulent activities.
It was revealed that Ibori obtained and transferred funds from accounts held or controlled by fraudulent individuals, Premium Times reports.
During their investigation, U.K. authorities unearthed companies acting as fronts for Ibori through Mossack Fonseca in Seychelles.
He had requested that Stanhope Ltd. be moved from Niue to Seychelles in 2004.
Seychelles attorney-general’s office notified Mossack Fonseca that a criminal investigation had been launched into the activities of Ibori in the U.K. and demanded that all documents relating to Stanhope be forwarded to his office.
It will recalls that Ibori was recently released from UK jail after spending thirteen years jail term for money laundering and fraud. He returned to Nigeria on Saturday, February 4.
