Barely three weeks after South African authorities seized a private jet in Johannesburg which transported $9.3million in cash packed in several suitcases for arms purchase, they have yet again confiscated another US$5.7 million arms deal money from Nigeria, South Africa-based City Express reports.
According to the report, the $5.7 million (about N952 million), alleged to be proceeds of illegal transactions, was seized by the South Africa’s Asset Forfeiture Unit of the National Prosecuting Authority.
The transaction was said to be between Cerberus Risk Solutions, an arms broker in Cape Town, and Societe D’Equipments Internationaux, a Nigerian company based in Abuja.
However, the deal fell apart after Cerberus which had earlier received R60 million (N1.02 billion) from Nigeria in its account at Standard Bank, tried to repay the money as it could not resolve its registration formalities with the South African authorities.
The bank became suspicious after Cerberus tried to pay the money back to the Nigerian company.
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