How Osamo laundered, defrauded firm of N1b, says Star Orient Aviation

• Ex MD alleges violation of his right

Star Orient Aviation Limited has explained circumstances that led to the arrest of its former Managing Director, Mr. Dare Osamo for alleged diversion of the company’s N1 billion.

In a statement issued by the company, dated May 27^th, 2020 titled, “Arrest of Former MD/CEO of Star Orient Aviation on Allegation of Fraud and Money Laundering: Setting The Records Straight,” It has become necessary that the Management of Star Orient Aviation Limited urgently make a mention of the facts over the arrest of “our former Managing Director Mr., Dare Osamo FCA and set the record straight”.

The firm said Osamo resigned his position after an extraordinary Board Meeting in January 2020 when he was confronted with the facts of executive irresponsibility and recklessness including diversion of bank monies, investors’ funds, opening accounts that are not known to the company where he diverted company funds and laundered over a 1billion naira among others.

As a responsible corporate citizen, the Board urgently flagged the matter and conducted internal investigations where it uncovered more facts of fraud and diversion of funds.

“The company immediately alerted the law enforcement authorities for help as it will be criminally irresponsible that we saw an infraction and we kept quite thereby aiding fraud, financial malpractices and economic sabotage”.

It noted that Osamo was shareholder of the company (there is no debate), stressing that was not enough to let him ruin the hope and future of the young Nigerians who earn their livelihood and tax revenue for national development of our country through the business and allow him to compromise the economy and commonwealth of the country through activities of fraudulent enrichment and illicit financial activities.

The company noted that at every opportunity, everyone who has allegations of fraud against them are first to allege violation of fundamental human rights by the Police as they are always ill and hospitalized the moment the Police invites them.

It urged Osamo to remains focused on the allegation of fraud, breach of fiduciary duties, money laundering and obtaining by false pretenses which it alleged are all backed by clear documentary evidences rather than draw sentiments against the Nigerian Police.

“There are no such issues of boardroom politics, the company hereby appeal to Mr.Osamo once again to explain, how he opened and operated bank accounts on company name without a Board approval, and how such accounts became conduit pipes for stealing and money laundering, how he obtained a loan from a bank without Board approval, how he sought a loan of N100 million from a bank using company assets as collateral for his private company.”

“At the risk of repetition, we reiterate that there is absolutely no board room politicking or dispute about shareholding in Star Orient Nigeria Limited. If there were this would be purely civil matters without recourse to the Police. Mr. Dare Osamo should not make the Police his weeping boy but rather respond to the stated crimes.

It would be recalled that Police at Airport Command, Lagos have arrested Osamo for allegedly misappropriating about N1 billion belonging to Star Orient Nigeria.

It was learnt that during investigation by the policemen from Zone, 2 Command, Onikan, Lagos that it was revealed that Osamo had opened an account with a new generation bank where he laundered about N1billion.

At the risk of repetition, we reiterate that there is absolutely no board room politicking or dispute about shareholding in Star Orient Nigeria Limited.

The petition, however, queried the banks for granting loans and aiding Osamo in misappropriation of funds without valid documents duly signed by the board of directors.

The banks were also queried for withholding bank statements which further investigations revealed had concealed  about N430 million deliberately which fuelled suspicion of collusion by the bank.

Osamo had since as boardroom politics which he said had led to the violation of his fundamental human rights.

“Yes, I was arrested while receiving treatment. I was in the hospital when the IPO came. I was even receiving drip and he said they have a warrant for my arrest”.

“The truth is that there is a case reported at a police station earlier during which I was invited but I could not respond to it because I was not at home,  I was sick”, said Osamo.

Wole Shadare