May 16, 2023

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday adjourned till June 9, 2023 the trial of the late Tan Ah Chai Richard, a Malaysian, and his company, Coastal Asia Investments Limited, over a €250,000,000.00 fraud, due to the absence of the defence counsel.

In a statement by the EFCC on Tuesday, Richard and his company were first arraigned by the Economic and Financial Crimes Commission, EFCC, on May 22, 2019 on a five-count charge bordering on forgery, use of false document, conspiracy to forge and an attempt to obtain money by false pretence to the tune of €250,000,000.00 (Two Hundred and Fifty Million Euros).

He had pleaded “not guilty” to the charges, thereby prompting commencement of trial, which had seen the prosecution calling a witness.

However, in the course of the trial, Richard reportedly died in prison custody, necessitating the need to amend the charges.