FG has sought the arrest of Dana Air MD Over the N1.3 billion fraud case.
PoliticalNews Nigeria experiences that the Federal Authorities has requested the issuance of a bench warrant towards Mr. Hathiramani Ranesh, Managing Director of Dana Air, for his failure to seem earlier than a Federal Excessive Courtroom in Abuja in reference to a N1.3 billion fraud.
The request, made on Thursday, and reported by the Information Company of Nigeria (NAN), sought to compel Mr. Ranesh’s look in courtroom for his arraignment on the fraud expenses.
This Nigeria information platform understands that Mojisola Okeya, counsel to the Legal professional-Common of the Federation (AGF), made the oral software earlier than Justice Obiora Egwuatu to difficulty the warrant, citing Ranesh’s repeated absence.
“The Federal Authorities, on Thursday prayed a Federal Excessive Courtroom in Abuja to difficulty a bench warrant for the arrest of the Managing Director (MD) of Dana Air, Mr Hathiramani Ranesh.
“The federal authorities alleged that Ranesh has refused to seem for his arraignment within the alleged N1.3 billion fraud,” the NAN report learn partly.
Okeya emphasised the gravity of the fees, which embrace the fraudulent conversion and diversion of funds initially meant to revive operations at Dana Metal Rolling Manufacturing unit in Katsina.
PoliticalNews Nigeria recollects that the Federal Authorities, by way of the AGF’s workplace, filed a six-count cost towards Ranesh, Dana Group PLC, and Dana Metal Ltd. These expenses, detailed in courtroom filings marked FHC/ABJ/CR/101/2021, embrace allegations of conspiracy, misappropriation, and fraudulent diversion of funds and belongings.
- The case dates again to occasions between September and December 2018, when Ranesh and others allegedly offered industrial mills valued at over N450 million. These belongings had been reportedly a part of a deed of asset debenture held as collateral for a bond from Ecobank.
- Moreover, the fees spotlight incidents in 2014 the place the defendants are accused of conspiring to divert N864 million of the bond proceeds meant to spice up production on the Katsina facility.
- They allegedly transferred this quantity to different accounts for unapproved makes use of. The indictment additional claims that N60.3 million was diverted to an account with Entry {Bank}, meant for functions outdoors the bond’s unique scope.
- All of the alleged offences are stated to be opposite to the provisions of the Felony Code Act, Legal guidelines of the Federation of Nigeria, 2004, which carry vital authorized penalties. Given Ranesh’s failure to attend earlier courtroom periods, Okeya urged the courtroom to compel his look by way of a bench warrant.
Nonetheless, Ranesh’s protection counsel, B. Ademola-Bello, opposed the request, arguing {that a} preliminary objection had been filed, questioning the courtroom’s jurisdiction to listen to the matter.
He insisted that this objection have to be resolved earlier than any arraignment can proceed. Okeya countered that the legislation requires the defendants to be formally arraigned earlier than every other motions, together with jurisdictional objections, are thought of.
Justice Obiora Egwuatu, presiding over the matter, requested the protection to quote any particular part of the Administration of Felony Justice Act (ACJA), 2015, that helps their declare. Following this, the choose adjourned the case to November 4, permitting each events to current additional arguments on whether or not the objection needs to be resolved previous to Ranesh’s arraignment.
This case brings vital consideration to the authorized duties of company management and the necessity for accountability in dealing with large-scale {financial} transactions, significantly these tied to authorities bonds and {economic} initiatives.