The police have charged the Managing Director and Chief Executive Officer, (CEO) of Legacy Foods Ltd, Cyril Fasuyi, with the theft of N632, 194,000.00 belonging to UAC Foods Ltd.
It said Fasuyi, 52, was arrested by the operatives of the Inspector General of Police Monitoring Team, Force Headquarters Annex, Lagos following a complaint by a firm, FSDH Merchant Bank Plc of 1/5 Odunlami Street, Lagos Island.
The bank’s management, it said, uncovered the fraud during an audit of its books.
Fasuyi was arraigned Wednesday before Miss A. O. Awogboro of an Igbosere Magistrates’ Court, Lagos on a charge marked A/13/2017.
The defendant, whose residential address was not given, is standing trial on a nine-counts bordering on conspiracy, forgery, obtaining by false pretence and stealing.
Prosecuting Inspector Jimoh Joseph told the court that the defendant and others at large committed the alleged offence sometime in 2014, at No. 24b, Oduduwa Crescent, G.R.A Ikeja, Lagos.
Joseph said Fasuyi, between April 11 and November 6 with intent to defraud, forged UAC purchase orders valued at N73,600,000.00, N78,750,000.00, N76,560,000.00, N120,600,000.00, N108,864,000.00 and N73,500,000.00.
He said using the forged purchase orders, numbered 022377, 0273310,022587, 4500001647, 018364 and 0222935; Fasuyi ‘fraudulently obtained a credit facility of N632.194m from FSDH Merchant Bank.
The defendant, Joseph alleged, stole the N632.194m.
He added that the offences were punishable under Sections 409, 363(3)(g), 312 (1)(b)(2) and (3) and 285 (8) of the Criminal Law of Lagos State, 2011.
Fasuyi denied the charge.
Magistrate Awogboro granted him N10million bail with two sureties in the like sum.
The sureties must show evidence of tax payment, be directors of a company, own property in Lagos with a Certificate of Occupancy, pay a deposit of N2million to the court registrar’s account, have verifiable addresses and one of them must be a blood relation.
She adjourned the case till March 8.
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