Business; Oando Denies Having Ibori’s Assets

Oando Plc. has debunked thw rumour going round that Mr Ibori hid some of his assets in the company and money passed from Oando’s accounts to Ibori’s Swiss accounts.
A three-week confiscation hearing began at London’s Southwark Crown Court on Monday where Sasha, a British prosecutor, told the court that Mr Ibori hid some of his assets in Oando and money passed from the company’s accounts to Ibori’s Swiss accounts.
Oando says the former Delta governor does not own the company but only has insignificant shares which is just 443 out of a total issued and paid up share capital of 6.8 billion ordinary shares.
Oando in a statement made available to Channels Television today, says although unknown at the time,the company had transacted business with Mr Ibori’s company.
The total amount of the transaction Oando says was $2.7m made in three separate transactions over a period of about seven months.
Oando however says this was insignificant, considering the company’s turnover of about $800m as at 2004.
The company has therefore denied any claims that Mr Ibori has hidden assets with it and regrets that it has been dragged into the proceedings of the British Court.