Company MD docked for allegedly defrauding UAC of N632m

The Managing Director and Chief Executive Officer,  of Legacy Foods Ltd, Cyril Fasuyi, who allegedly forged documents of UAC Foods Limited purchase order and obtained the sum of N632.194million, by false pretence was on Thursday arraigned before an Igbosere Magistrates’ Court in Lagos.

Fasuyi who pleaded not guilty is standing trial on a nine count charge bordering on conspiracy, forgery obtaining by false pretence, stealing and fraud preferred against him by the police.

The prosecutor Inspector, Jimoh Joseph told the court that the defendant and others who are yet to be found committed the alleged offence sometimes in 2014.

He said that the incident took place at 24b, Oduduwa Crescent, GRA Ikeja, Lagos.

Joseph said that Fasuyi with intent to defraud forged false documents of UAC foods Ltd purchase order, between 11 of April and November 3, 2014, and fraudulently obtained credit facility to the tune of N632.194million, from FSDH Merchant Bank Plc, at 1/5 odunlami Street, Lagos Island.

He said that the defendant forged the document as an endorsement in favour of FSDH Merchant Bank Plc,  in order that it may be acted upon or used as genuine, whether in Lagos state or elsewhere, to the prejudice of UAC foods Ltd.

The prosecutor said that the money that was obtained under false pretence belongs to UAC foods ltd.

According to the prosecutor the defendant with intent to defraud unlawfully used false  documents to purchase order, Nos 022377, 0273310,022587, 4500001647, 018364 and 0222935 and fraudulently obtained the said sum from the bank.

However the defendant pleaded not guilty to the charge against him.

The Magistrate Miss A. O Awogboro granted the defendant bail in the sum of N10million, with two sureties in like sum.

She said that the sureties must show evidence of tax payment to Lagos government, they must be directors‎ of a company, own property in Lagos state, have the C of O.

Consequently the matter was adjourned till March 8, for mention.