Monday, 16 December 2013

James Ibori's Banker Jailed for 54 Months

A jury at London's Southwark Crown Court unanimously reached a decision on the case of Elias Preko, a Ghanaian national, of two offences of money-laundering between March 2003 and April 2008. He was charged with assisting James Ibori in channelling stolen money through a web of offshore trusts and shell companies

Elias Preko, a Harvard graduate, former Goldman Sachs banker and financial adviser to Jailed Governor, James Onanefe Ibori was sentenced by a London court to 4-1/2 years in prison for laundering $5 million on behalf of his former client.

Judge Anthony Pitts gave him a talk down before handing down the sentence. He said, "The evidence against you in this case was very clear. You knew what Mr. Ibori was doing and you were actively assisting him,"

"You are a man of considerable ability and intelligence, highly educated, capable of making lots of money perfectly legitimately."

It was disclosed in court that during his time at Goldman Sachs, where he was in charge of private clients in sub-Saharan Africa (No Wonder), Preko had made $12 million in salary and received a severance payment of $3 million when he left the bank.

"You had the ability to walk away (from Ibori). You chose to involve yourself with him as a professional man, against the code of upstanding conduct for men in your position,". Well, Ibori has the reputation of being the serpent on the forbidden tree, when it comes to giving bribe. You have to have strong conviction to resist his temptation, because he offers mouth watering deals in ways that stimulates the greed in people he encounters.

As prosecutors still battle to identify and seize properties linked to the former governor, Elias Preko is the latest and 5th of James Ibori's associates to be sent to prison after the Jailed Governor's wife, mistress, sister and lawyer were all convicted by British courts in previous trials.

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