" ITREALMS: Onyeama travails: US-based attorney analysis indictment - ITREALMS

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Monday, November 25, 2019

Onyeama travails: US-based attorney analysis indictment - ITREALMS

A United States-based Attorney, Mr. Ken Orji has given some insights into the news making a round over allegations against the chairman of AirPeace, Chief Allen Onyeama, reports ITREALMS.

He expressed dismay over all the allegations purportedly orchestrated from haters and detractors in Nigeria, maintaining that no matter what, Onyeama will not be jailed.

Orji also noted that basically two sticking points the United States focused on including, that

“1. He commingled charitable or non-profit organizations' money.

“2. That he used his US formed limited liability companies to sell to another Air Peace and made money, which ought to have been taxed. Not sure he paid any taxes.

“The transfers from the charitable accounts are illegal and he will be fined for it. Like I posted earlier, President Trump used money he raised from charitable contributions to buy art works and fund his hotel operations. He recently settled with New York AG and paid $2 million fine. No Jail Term. It's essentially a civil infraction.

“The letters of credit request from Fidelity to Wells Fargo and JP Morgan are normal. These clearly showed the sources of the funds and would not stick as criminal charges in the Courts. It's a kitchen sink strategy that piles on the heat but will generate zero fire.

“The big one is that Allen bought the planes and resold them to Air Peace while building in $2 million profits on the sales. Because Allen may not have paid any taxes on those, the US will argue that those gains were laundered money. There are about $6 million of those and they will likely be forfeited,” he said.

Further, Orji said, having written all these, the allegations in the indictment are all clearly very civil in nature and Allen's legal team will be able to quickly reach a settlement.

However, Orji said that bad news though, is that $6 million of those mark-ups sold to Air Peace will be taxed with statutory penalties. There will be a fine for commingling the charitable organizations' money. There will be civil penalties for not paying those assumed taxes in the year those deals were executed.

The outcome, Orji said is that $14 million will not come back to Allen, but he is not going to jail.

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