Conversion Of Funds: Petrostar Ltd, Three Others To Be Arraigned On June 14

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A Federal High Court in Lagos will on June 14, 2022 begin hearing in the trial of Petrostar Nigeria Limited and three others – Elias Daaboul, Tony Daaboul and Naji Kordahi – over allegation of conversion of funds

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In a three court charge number FHC/L/406C/2019 filed before the court by Chief State Counsel from the Federal Ministry of Justice, Akutah Pius Ukeyima, it was stated by the Attorney-General of Federation on behalf of the Federal Republic of Nigeria that Petrostar Nigeria Limited,Elias Daaboul, Tony Daaboul and Naji Kordahi are charged with the following offences :

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Count 1

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Statement of Offence: Conspiracy to effect an unlawful purpose contrary to section 518 of the criminal code.

Particular of Offence:

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Petrostar Nigeria Limited, Elias Daaboul, Tony Daaboul Naji Kordahi sometime between 2016 and 2019 conspired to effect an unlawful purpose to wit: breach of contract, stealing and fraudulent disposal of trusted property.

Count 2

Statement Of Offence: Stealing contrary to section 383 of the criminal code and punishable under section 390 of the Criminal code.

Particular of Offence:

Petrostart Nigeria Limited, Elias Daaboul, Tony Daaboul and Naji Kordahi, sometime between 2016 and 2019 fraudulently took and sold petroleum products financed and owned by a commercial bank under credit agreement and tripartite warehousing agreement and converted the proceeds from the sale of the said petroleum products to their own use contrary to the terms of the credit and tripartite warehousing agreement.

Count 3

Statement of Offence: Fraudulent disposal of trust property contrary to section 434 of the Criminal code

Particular of Offence:

Petrostart Nigeria Limited,Elias Daaboul, Tony Daaboul, Naji Kordahi, sometime between 2016 and 2019 while being entrusted with petroleum products financed and owned by a commercial bank under a credit agreement and tripartite warehousing agreement, with intent to defraud, converted the said petroleum products and proceeds from its sale to uses not authorized by the trust conferred on them by the terms of the credit and tripartite warehousing agreement.

The defendants have never appeared in court since the charge was filed on November 13, 2019.

When the matter was mentioned, both the defendants and the prosecutor were not in court. Consequently, the presiding Judge while adjoining till June 14 for the arraignment of the defendants ordered that hearing notices should be issued on them.

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