Firm urges EFCC to probe fees wrongly paid by Delta State
The Economic and Financial Crimes Commission (EFCC) has been urged to probe a company, Hedge Securities, and other individuals that were used to siphon consultancy fees due to another company.
In a petition addressed to EFCC by Mauritz Walton, Hedge Fund Securities was allegedly paid a substantial amount of money as consultants to Delta State on Paris Club Refund, after Mauritz Walton had successfully executed an agreed contract with Delta State government.
“Hedge Securities and other persons fronted for the government of Delta State to siphon the commission, which would have been paid to Mauritz Walton for a job duly executed,” the petition said.
Entitled: “Petition for the Recovery of Our Consultancy Fees Fraudulently Paid to Hedge Fund Securities and Others on the Reconciliation and Recovery of Over Deduction of Foreign Loans (1995-2006) Paris Club Refund on the Account of Delta State Government,” the petitioner called on the anti-graft commission to dig deep into those behind formation of Hedge Securities and use its good office “in recovering our full consultancy fees, which was paid to Hedge Securities, and other persons as consultants.”
The consulting firm accused Hedge Securities of reaping where it did not sow, adding: “Hedge fund was primarily fronted by the governor’s brother-in-law, and another governor’s friend, for the sole purpose of laundering and illegally collecting consultancy fees on Delta State Paris Club Refund. This was done to avoid paying the legitimate consultant, Mauritz Walton Nig. Ltd, and to siphon the refund through third parties and award of phony contracts.”
The firm said it was engaged by Delta State government in November 2014 to reconcile and recover the state’s over- deductions on foreign loans by the Federal Government.