Abacha assets to be handed over to Nigeria - Switzerland doesn't provide a refuge for funds of criminal origin
Bern, 16.2.2005 - USD 458 million of the Abacha assets of USD 505 million that are frozen in Switzerland can be handed over to Nigeria. The Federal Supreme Court has upheld the main points of the Federal Office of Justice (FOJ) decision. The Federal Supreme Court does not regard the remainder of the Abacha assets as being of evidently criminal origin. USD 40 million will thus remain frozen in Switzerland for the time being; USD 7 million will be transferred to an escrow account in Nigeria. Nigeria has undertaken to use the returned assets to fund a variety of development projects. With the Abacha case, Switzerland has once again proven that it doesn't provide a refuge for funds of criminal origin and will take decisive action against the abuse of its financial sector.