The Chairman/Managing Director of Innoson Vehicle
Manufacturing (IVM), Chief Innocent Chukwuma, has dismissed as laughable and a
'no issue' the alleged fraud charges filed against him by the Economic and
Financial Crimes Commission (EFCC).
In a statement issued by the Head of Corporate
Communications, Innoson Group, Mr. Cornel Osigwe, the entrepreneur said the
purported charge was a calculated attempt by the anti-graft body to justify the
gestapo style of arrest used in bundling him out of his residence last week
Tuesday.
In the statement made available to journalists on Wednesday, the vehicle manufacturer said the charge was an action taken in bad
faith to change the narrative to portray Innoson in bad light and divert the
attention of the public who have continued to condemn the illegal action taken
by the commission.
According to him, "We have some reservations
with the publications of the details of the suit in question on some online
blogs because the charge which EFCC purports to file against him has a
temporary suit number, vis - temp/3315c/2017. This number is written with red
pen at the top most right side of the charge published at EFCC's page.
"By this temporary number, it means that the
charge is not yet before any court in Lagos State. Also, it means that the
charge cannot be acted upon by any court in the state and it cannot be served
on any party as well.
"As it is, the charge has not been filed. So
why the noise in the media by the commission of filling fraud charges against
Innoson? We believe that it is a volte face.
Furthermore, we are alarmed at how low EFCC could descend to be used by
GT Bank to destroy the Nigeria’s foremost entrepreneur. We have it now in good
authority that there is a grand conspiracy by an International competitor of
Innoson vehicles who have conspired with a financial institution to pull down
Innoson at all cost because of the latest increase of patronage of Innoson vehicles
by the federal government.
"But we are amazed that EFCC, a federal government
agency who is supposed at all times to defend indigenous Nigerian companies who
are working hard to make Nigeria great will allow itself to be used as a tool
to kill and destroy these companies. Particularly, Nigerians need to ask EFCC
if GT Bank as a bank has any licence to import motorcycle spare parts or CKD.
"A cursory look at the charges filed by EFCC
at court is both laughable and constitutes a national embarrassment. The
motorcycles being deemed as the property of GT Bank were ordered by Innoson
from its manufacturers and suppliers with a loan from GT Bank. Under letter of
credit transaction, in international trade, bills of ladings are consigned to banks
not because the banks – consignees–are the owners of the goods but rather to
ensure that the seller is paid and the buyer receives the goods.
"Mere consignment or endorsement of a bill of
lading does not confer title in the goods covered by the bill of lading to
either the consignee or the endorsee. Where consignment or endorsement of a
bill of lading is intended as a security for loan, consignment or endorsement
in such circumstance does not transfer title in the goods to the consignee or
the endorsee.
"All Innoson’s letter of credit transactions,
through GT Bank, were confirmed LCs. In letter of credit transactions (LC),
particularly but not exclusively confirmed LC, the term is cash against
documents. Shipping documents are not released by the advising/correspondent bank
to the issuing bank until the issuing bank pays for the goods.
"At all material times, Innoson paid 25
percent of every LC value before it was opened. The media hype of EFCC
portrayed Innoson and its promoter as having stolen goods belonging to GTB. We
note that attempt of EFCC to get the courts to retry a matter Innoson had
already secured judgment on," he noted.
The IVM owner further reiterated his earlier
statement that the commission was yet to tell him why he was arrested
"except to say on pages of newspapers that he was arrested because of his
fraud at SEC and forgery of documents to obtain tax waivers.
"While we await to be served the court papers,
we want to advise the EFCC that if there is any complaint by GT Bank to EFCC,
Innoson should be invited by the commission to clear its name; EFCC will then
conducts its investigation before taking the matter to court," he added.
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