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Singapore firm in spotlight over $2.5b 'stolen' from Nigeria

Assets linked to cash allegedly taken by late dictator Abacha

Published on Apr 11, 2014 8:03 AM
 
Late ruler Sani Abacha (above) is said to have ordered the money's removal, supposedly for security reasons.

A Singapore connection to US$2 billion (S$2.5 billion) which may have been swiped from his country's coffers by late Nigerian dictator Sani Abacha has came under scrutiny in a London court.

The court has ordered a continued freeze on assets sought by the US government which are linked to 11 parties, including two in Singapore - Blue Holdings(1) and Blue Holdings(2).

In 2012, the Nigerian government asked for US assistance to get back the stolen money, under the UN Convention against Corruption. More than US$1.2 billion has been recovered by the west African country so far.

The United States alleges these assets originated from corrupt misappropriations by Abacha and his relatives or associates which were then laundered and are liable to be seized.

 
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