MetroNews

53-yr-old Company MD In Court For Issuing Dud Cheques, Remanded In Prison Custody

By Funke Busari

The Managing Director of Tonad Publishing Limited, Mr. Tony Iwena, 53 years, was on Thursday arraigned before Justice Atinuke Ipaye of an Ikeja High Court in Lagos on a three-count charge of allegedly issuing dud cheques to a company named Star Chem International Industries Limited.

The defendant was arraigned alongside his company, Tonad Publishing Limited.

The defendant pleaded not guilty to the three count charges of issuing Union Bank cheques in the sum of N13.050 million to the company knowing that there was no sufficient fund in his account.

The Economic and Financial Crimes Commission, (EFCC) counsel, Mr. M.K Bashir, stated that the defendant had issued three Union Bank cheques for a total sum of N13.05 million in favour of Star Chem Industries Ltd.

He said the cheques were dishonoured when they were presented because there was insufficient funds standing in the credit of the defendant’s account.

According to him, the offences contravened Section 1 (1) of the Dishonoured Cheques (Offences) Act, Cap D11, Laws of the Federation of Nigeria, 2004.

The judge remanded him in prison custody pending the hearing and determination of the bail application filed by his counsel, Mr Monday Onyekachi Ubani.

She adjourned the matter till 11th November, 2013 for hearing of the application.

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