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An Economic and Financial Crimes Commission (EFCC) investigator, Mr. Bawa Kaltungo, on Tuesday told the Lagos Special Offences Court, Ikeja, that Arik Air repaid 38 percent of its foreign loan before Asset Management Corporation (AMCON)’s takeover.
Kaltungo gave evidence under cross-examination by EFCC counsel, Dr. Wahab Shittu (SAN), in the alleged N76 billion and $31.5 million fraud case.
The defendants are former AMCON Managing Director, Ahmed Kuru, and the former Receiver Manager of Arik, Kamilu Omokide.
Others are Roy Ilegbodu, the airline’s Chief Executive Officer, Union Bank, and Super Bravo Limited.
The commission arraigned the defendants on a five-count charge of fraud, theft, abuse of office, and dishonest acquisition of property.
Union Bank is also charged separately with making false statements to a public officer.
Kaltungo said that before AMCON’s intervention, Union Bank converted Arik’s N51 billion guarantee but failed to remit funds to foreign creditors.
He said: “Arik has paid 38 percent of its loan to foreign creditors.
“When Union Bank converted the N51 billion guarantee, they did not pay the foreign creditors from the funds. Union Bank sat on the N51 billion.
READ ALSO: Arik Air never cooperated with debt recovery efforts, Ex-AMCON executive tells court
“With N51 billion, Union Bank was expected to settle the foreign creditors.
“Our investigation revealed that Union Bank is still owing Arik 38 per cent of the paid loan.”
He maintained that Union Bank did not grant any loan to Arik and described the facility as foreign credit from institutions including HSBC.
According to him, Arik serviced the loan until June 2010, before the events leading to AMCON’s takeover.
Kaltungo said a recovered letter to Arik’s former chairman, Mr. Johnson Arumemi-Ikhide, indicated the loan was performing.
Justice Mojisola Dada adjourned the case till May 18 for continuation of cross-examination.
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