£550m Everton takeover in doubt as US investigates buyers over alleged money laundering

£550m Everton takeover in doubt as US investigates buyers over alleged money laundering

The £550m takeover of Everton by 777 partners is in doubt, as US Department of Justice is investigating money laundering allegations against the company. Outcome of the reported investigation could lead to the Premier League blocking the deal under new rules introduced in March. The investigation is a huge development as the Premier League now has the authority to prevent potential club owners under investigation for conduct constituting a ‘Disqualifying Event’ from completing a takeover. Such events include violence, corruption, fraud, and tax evasion. £550m Everton takeover in doubt as US investigates buyers over alleged money laundering£550m Everton takeover in doubt as US investigates buyers over alleged money launderingEverton acquisition by 777 Partners in doubt – Getty image Recall that Everton’s majority shareholder, Farhad Moshiri, agreed in September to sell his 94% stake to 777 Partners. The initial 12-week timeline for completing the sale has lapsed, but Everton was optimistic about finalizing the deal by Christmas before news of the US investigation emerged. The Premier League is currently subjecting 777 Partners co-owners, Josh Wander and Steven Pasko, to the Owners and Directors’ Test. Meanwhile, Everton are already dealing with the repercussions of a ten-point deduction for a single breach of Premier League financial rules, placing them in the relegation zone. Despite this setback, Everton secured their first victory since the points penalty with a 1-0 win against Nottingham Forest on Sunday.

Mompha re-arrested by EFCC on alleged N6bn money laundering

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Popular Instagram celebrity Mompha has been reportedly re-arrested by EFCC over an alleged N6 billion money laundering. Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos has confirmed the arrested of Ismaila Mustapha, better known as Mompha.

mompha

Recall that in 2022, Economic and Financial Crimes Commission, EFCC, declared Mompha wanted  The anti-graft agency arraigned Mompha and his company, Ismalob Global Investment Ltd, for alleged fraud and accused the socialite and his company of N6 billion fraud in 2022. In a new development, it has been reported that Mompha has been re-arrested by EFCC on same count, money laundary. However, Justice Dada has revoked the N25 million bail variation granted to Mompha and issued a bench warrant for his arrest due to his failure to appear in court.

Many estates in Abuja are proceeds of money laundering

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The Economic and Financial Crimes Commission (EFCC) has said that some of the estates springing up in some parts of the country are proceeds of money laundering and fraud. Many estates in Abuja are proceeds of money laundering - EFCC This was disclosed by one of the commission’s lawyers, Chris Mishela, during a training session for journalists on effective reporting of the economic and financial crimes in Benin, Edo State. Mishela further revealed that the new money laundering Act has provided an opening for government to look into real estate businesses. He said; “In Abuja, you see so many estates coming all over and we believe the source of this fund are unlawful funds. The funds are illegally gotten either from government or from international crime that is used to launder through estate business.

Many estates in Abuja are proceeds of money laundering - EFCC

“Real estate is one of the designated and non-designated professions that is also under our obligation under the establishment to do a full disclosure. “So EFCC is actually working to look into that dimension and the new money laundering Act has provided an opening for the government to look into the aspect of real estate as we saw under the Act. “It is not an investigation that is going on, rather we have identified specifically that these are proceeds of crime.”

Police arrest politician, Hon Chinyere Igwe, for Money Laundering

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Rivers State Police Command deployed to INEC Headquarters arrested one Hon Chinyere Igwe, a member House of Representatives.

Chinyere Igwe

Chinyere Igwe is a member of the House of Representatives representing Port Harcourt II Federal Constituency. He was arrested with a cash sum of 498,100 USD inside a bag in his car. A statement released by the spokesperson of the state police command, SP Grace Iringe-Koko, adds that a list for distribution of the money was also recovered.

Chinyere Igwe

She added that the AIG Election, AIG Abutu Yaro fdc has ordered swift interrogation and arraignment in court. “The Command urges all contestants and political parties to comply strictly with provisions of the Electoral Act and other relevant laws. Members of the public are encouraged to avail themselves of the following hotlines to report any observation they believe have potential to lead to crime or break down of law and order: 08032003514, 08098880134.” the statement read

Flutterwave breaks silence amidst seizure of millions associated with fraud, money laundering

Flutterwave breaks silence amidst seizure of millions of dollars associated with fraud

Flutterwave breaks silence amidst seizure of millions of dollars associated with fraud

Tech company, Flutterwave, breaks silence following reports of court freezing millions of dollars from their company linked with fraud and money laundering.
A Kenyan High Court reportedly seized Sh7 Billion, an equivalence of $59 million from 56 accounts belonging to fintech companies including Nigeria’s Flutterwave.
flutterwave
It was alleged that the fintech companies were conduits for money laundering in the guise of providing merchant services.
Reacting to the claim, Flutterwave, ascertained that the reports were false and had no verifiable records.
“Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this.
“Through our financial institution partners, we collect and pay on behalf of merchants and corporate entities.
In the process we earn our fees through a transaction charge, records of which are available and can be verified.
As a business, we hold corporate funds to support our operations and provide services to all our customers.
“By facilitating payments for the biggest organizations in the world and everyday businesses, we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.
“We are a financial technology company that maintains the highest regulatory standards in our operations.
Our Anti-money laundering (AML) practices and operations are regularly audited by one of the big 4 firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.”
Other fintechs affected are: Flutterwave Payment Technology Limited, Boxtrip Travel and Tours Limited, Bagtrip Travel Limited, Elivalat Fintech Limited, Adguru Technology Limited, Hupesi Solutions, Cruz Ride Auto Limited and one Simon Ngige,” it said in a statement.

Cubana Chief Priest allegedly arrested for money laundering, tax fraud

Cubana Chief Priest allegedly arrested for money laundering, tax fraud

Popular businessman, Cubana Chief Priest, is allegedly in the custody of the Economic and Financial Crimes Commission, EFCC, on charges bordering on money laundering and tax fraud.
Cubana Chief Priest allegedly arrested for money laundering, tax fraud

According to a report by Peoples Gazette, the celebrity barman was detained at the Lagos airport on Thursday and the development has since been kept quiet to avoid triggering his accomplices.
“The matter is still under investigation,” an anonymous source told the Peoples Gazzette as of Saturday which makes it unclear it unclear if Cubana Chief Priest will be getting bail any time soon or how much information officials had been able to extract from him.