TOP HIZBOLLAH TERROR FINANCIER DRUG ARRESTED

Drug Enforcement Agency (DEA) of tje U.S yesterday announced the arrest of Kassim Tajideen, a prominent financial supporter of the Hizballah terror organization.

Tajideen is charged with evading U.S. sanctions imposed on him because of his financial support of Hizballah. 

Tajideen, 62, of Beirut, Lebanon, was arrested overseas on March 12, 2017, based on an 11-count indictment unsealed yesterday in the U.S. District Court for the District of Columbia following his arrival to the United States.

Tajideen made his initial court appearance today before Magistrate Judge Robin M. Meriweather.  

Tajideen pleaded not guilty and was ordered held pending a detention hearing set for March 29. 

The arrest and indictment are the result of a two-year investigation led by the Drug Enforcement Administration (DEA) and assisted by U.S. Customs and Border Protection (CBP). The effort is part of DEA’s Project Cassandra, which targets Hizballah’s global criminal support network – dubbed by the DEA as the Business Affairs Component (BAC) that operates as a logistics, procurement and financing arm for Hizaballah.

Acting Assistant Attorney General Kenneth A. Blanco of the Justice Department’s Criminal Division, Acting Assistant Attorney General Mary McCord of the Justice Department’s National Security Division, U.S. Attorney Channing D. Phillips of the District of Columbia, DEA Special Agent in Charge Raymond Donovan of the Special Operations Division, and CBP Acting Commissioner Kevin K. McAleenan made the announcement. 

“Kassim Tajideen posed a direct threat to safety and stability around the world,” said DEA Special Agent in Charge Donovan. “A prominent money man for Hizballah, Tajideen acted as a key source of funds for their global terror network. DEA and our partners are unrelenting in our pursuit of the world’s most dangerous terror and criminal networks and their many facilitators who threaten the rule of law and innocent lives.”

“Because of his support for Hizballah, a major international terrorist group, the U.S. government imposed sanctions on Kassim Tajideen in 2009 that barred him from doing business with U.S. individuals and companies,” said Acting Assistant Attorney General Blanco.  “Those sanctions are a powerful tool in our efforts to combat terrorists and those who would support them.  Indeed, the sanctions posed such a significant threat to Tajideen’s extensive business interests that he allegedly went to great lengths to evade them by hiding his identity from the U.S. entities he did business with, and from the government agencies responsible for enforcing the sanctions.  Thanks to the diligent work of our prosecutors and law enforcement partners, we broke through the web of intermediaries Tajideen allegedly used to conceal his involvement, and he has been brought to the United States to face justice.”

“Kassim Tajideen is alleged to have willfully flouted U.S. sanctions that were based on his prior support for Hizballah, a designated foreign terrorist organization,” said Acting Assistant Attorney General for National Security McCord.

“Those sanctions are designed to protect our national security and public safety by limiting terrorists’ access to resources, and this extradition sends a clear message that we are resolved to find and hold accountable those who violate these laws.”

“The investigation of this case and the arrest and extradition of this defendant demonstrates our commitment to enforcing vitally important sanctions laws that are in place to protect our national security and foreign policy interests,” said U.S. Attorney Phillips.

“Because of the hard work of law enforcement here and abroad, Kassim Tajideen will now face charges in an American courtroom.” 

The indictment charges Tajideen with one count of willfully conspiring to violate the International Emergency Economic Powers Act (IEEPA) and the Global Terrorism Sanctions Regulations, seven counts of unlawful transactions with a Specially Designated Global Terrorist, and one count of conspiracy to launder monetary instruments.

The indictment also indicates that the government will seek a forfeiture money judgment against the defendants equal to the value of any property, real or personal, which constitutes or is derived from proceeds traceable to these offenses.

According to the indictment, Tajideen allegedly presided over a multi-billion-dollar commodity distribution business that operates primarily in the Middle East and Africa through a web of vertically integrated companies, partnerships, and trade names. 

The indictment further alleges that Tajideen and others engaged in an elaborate scheme to engage in business with U.S. companies while concealing Tajideen’s involvement in those transactions. 

The Department of the Treasury’s Office of Foreign Assets Control named Tajideen a Specially Designated Global Terrorist on May 27, 2009. 

This designation prohibits U.S. companies from transacting unlicensed business with Tajideen or any companies which are operated for his benefit – in essence stripping Tajideen’s global business empire of its ability to legally acquire goods from, or wire money into, the United States. 

However, the indictment alleges that Tajideen restructured his business empire after the designation in order to evade the sanctions and continue conducting transactions with U.S. entities. 

Tajideen and others are alleged to have created new trade names and to have misrepresented his ownership in certain entities in order to conceal Tajideen’s association. 

The scheme allowed Tajideen’s companies to continue to illegally transact business directly with unwitting U.S. vendors, as well as to continue utilizing the U.S. financial and freight transportation systems to conduct wire transfers and move shipping containers despite the sanctions against Tajideen. 

According to the indictment, between approximately July of 2013 until the present day, the conspirators illegally completed at least 47 individual wire transfers, totaling over approximately $27 million, to parties in the United States. 

During the same time period, the conspirators caused dozens of illegal shipments of goods to leave U.S. ports for the benefit of Tajideen, without obtaining the proper licenses from the U.S. Department of the Treasury. 

An indictment is merely a formal charge that a defendant has committed a violation of criminal laws and every defendant is presumed innocent until, and unless, proven guilty.

This investigation was carried out by the U.S. Attorney’s Office for the District of Columbia, the Criminal Division’s Money Laundering and Asset Recovery Section, the DEA and the U.S. Customs and Border Protection’s National Targeting Center Counter-Network Division, with assistance from the Criminal Division’s Office of International Affairs and the Counterintelligence and Export Control Section of the Department of Justice’s National Security Division. 

The case is being prosecuted by Assistant U.S. Attorneys Thomas A. Gillice and Deborah Curtis and Special Assistant U.S. Attorney Jacqueline L. Barkett of the U.S. Attorney’s Office for the District of Columbia and Trial Attorney Joseph Palazzo from the Money Laundering and Asset Recovery Section.

Participating investigative agencies in DEA’s Project Cassandra include the DEA’s New Jersey Field Division and Special Operations Division and various DEA country offices, as well as the Treasury Department’s Office of Foreign Assets Control and Financial Crimes Enforcement Network.

 

Lufthansa Group successfully on track – 2016 again with good result

Financial results 2016
Adjusted EBIT of EUR 1.75 billion including strike cost of EUR 100 million in line with the guidance and broadly on last year’s record level
Earnings mainly driven by positive development of passenger airlines
Total costs decline faster than fuel costs
Net indebtedness reduced by 19 per cent
Equity ratio increased to around 21 per cent
Dividend proposal of EUR 0.50 per share

Forecast for 2017
Reduction in unit costs are expected to continue to offset a large part of higher fuel costs and lower unit revenues at the passenger airlines
Aviation services expect overall earnings on par with previous year
Adjusted EBIT just slightly below 2016 expected

“The Lufthansa Group continues to develop successfully,” says Carsten Spohr, Chairman of the Executive Board & CEO of Deutsche Lufthansa AG. “We are again in a stronger position today than we were a year ago. And once again we were able to convince our customers of the quality and the appeal of our products and services.”

“In a very demanding market environment,” Spohr adds, “we successfully kept the Lufthansa Group’s margins at their record prior-year levels, through consistent capacity and steering measures and, above all, through our effective cost reductions. Based on this good financial development, all our business segments developed positively in their respective markets. And by expanding our commercial joint ventures for the Network Airlines, fully acquiring Brussels Airlines and concluding the comprehensive wet-lease agreement with Air Berlin we have also strengthened our strategic position.”

“In 2017,” Spohr continues, “it remains necessary to further reduce our costs. This is the only way to meet and master the decline in unit revenues and the higher fuel expenses, and at the same time to maintain and strengthen our financial stability and our investment capacities.”


The Lufthansa Group generated revenues of EUR 31.7 billion in 2016, a decline of 1.2 per cent on the prior-year result. Adjusted EBIT for the year amounted to EUR 1.75 billion, a decline of 3.6 per cent. This means that, as expected, earnings before strike costs of EUR 100 million came in at previous year’s level. The Adjusted EBIT margin for 2016 was 5.5 per cent, a decline of 0.2 percentage-points.

EBIT for the year amounted to EUR 2.3 billion, a significant improvement of EUR 599 million on 2015. The difference between the EBIT and Adjusted EBIT is largely attributable to the new collective labor agreement concluded between Lufthansa and its flight attendants’ union UFO. The agreed switch from a defined benefit in a defined contribution pension system had a EUR 652 million positive impact on EBIT for the year which is not included in the Adjusted EBIT. But even without this non-recurring item, the Lufthansa Group further enhanced its financial strength in 2016, achieving a further 2.5-per-cent reduction in its unit costs excluding fuel and currency effects.

“The key financial indicators for the Lufthansa Group prove our financial strength and our sound business performance,” adds Ulrik Svensson, Chief Officer Finance of Deutsche Lufthansa AG. “The change in the pension system for our cabin crews, which we now also agreed on for our cockpit crews, has had a sustainable positive effect, strengthening our balance sheet and making us less dependent on volatile interest rate developments. This shows how important it is to have viable and forward-looking collective labor agreements.”

“We retain our focus on sustainably improving our margins and developing our costs towards competitive levels,” Svensson continues, “because we can only grow in those markets and business segments where we have the right cost position.”

The Lufthansa Group invested EUR 2.2 billion in 2016, some EUR 300 million less than originally planned. The total investment volume was thus 13 per cent down on the prior-year period, owing largely to delays in new aircraft deliveries. As a result, free cash flow increased by 36.5 per cent to EUR 1.1 billion. Net indebtedness was reduced significantly by 19 per cent. Based on earnings after cost of capital (EACC), the Lufthansa Group created value of EUR 817 million last year. Despite the structural benefits of the new collective labor agreement with the company’s cabin personnel, pension provisions rose 26 per cent to EUR 8.4 billion, owing to a decline in actuarial discount rates.

Passenger Airline Group remains earnings driver
The Passenger Airline Group exceeded the already good result of the previous year and reported an Adjusted EBIT for 2016 of over EUR 1.5 billion. The Adjusted EBIT margin was 6.4 per cent. Lufthansa Passenger Airlines raised its Adjusted EBIT by EUR 254 million to over EUR 1.1 billion. Austrian Airlines again contributed positively to earnings with an Adjusted EBIT of EUR 58 million (a EUR 6 million improvement on 2015). And SWISS, while falling slightly short of its very good prior-year result, remained the Group’s most profitable airline with an Adjusted EBIT margin of 9.3 per cent. Eurowings reported an Adjusted EBIT of EUR -91 million. More than half of the shortcomings can be attributed to start-up costs and other non-recurring expenditures.

Service companies
Lufthansa Technik reported an Adjusted EBIT of EUR 411 million for 2016 (down EUR 43 million) and an Adjusted EBIT margin of 8.0 per cent. LSG achieved an Adjusted EBIT of EUR 104 million (up EUR 5 million) and a stable Adjusted EBIT margin despite its extensive restructuring activities and a dynamic market environment. Lufthansa Cargo suffered a EUR 50 million loss for the year. The EUR 124 million decline compared to its 2015 result was due largely to significant pricing declines in particular in the face of massive overcapacities. The “Other” segment showed a EUR 134 million better Adjusted EBIT than last year, partly due to improved exchange rate gains and losses.

Dividend
The Supervisory Board and Executive Board will propose to the Annual General Meeting a dividend payment of EUR 0.50 per share for the 2016 financial year. This represents a total dividend payment of EUR 234 million and a dividend yield of 4.1 per cent, based on the 2016 closing price of the Lufthansa share. As in the previous year, shareholders will also be offered the option of a scrip dividend.

Outlook
The Lufthansa Group will be realigning its financial reporting to its three strategic pillars of Network Airlines, Point-to-Point Airlines and Aviation Services from 2017 onwards.

For 2017 the Network and Point-to-Point Airlines expect to see a further decline of unit costs excluding fuel and currency roughly at the same level as in 2016. At present estimates, fuel costs are expected to increase by some EUR 350 in 2017. This cost increase, together with further declining unit revenues at constant currency, is unlikely to be fully offset through further unit cost reductions.

Organic capacity growth is expected to amount to some 4.5 per cent for the passenger airlines. Brussels Airlines, whose results will be fully consolidated for the first time in 2017, and the wet-leased flights of Air Berlin should make a small positive contribution to earnings already in their first year.

Aviation Services expects to report an Adjusted EBIT for 2017 that is broadly on par with prior year’s, though earnings are likely to show differing trends among the companies. Total investments are projected at EUR 2.7 billion.

Overall, the Lufthansa Group expects to report an Adjusted EBIT for 2017 slightly below the previous year.

“We will consistently continue to modernize the Lufthansa Group,” confirms Carsten Spohr. “We aim to be the first choice – for our customers, our employees, our shareholders and our partners. To achieve this, we will continue to focus on cost discipline, so we can create possibilities for profitable growth in the future.”

“This year’s Annual Results’ Media Conference is being held – for the first time – at Munich Airport. There’s nowhere that the Lufthansa Group’s strategic progress be seen more clearly than at our Southern hub. Only few days ago, the airport’s Terminal 2, which is jointly operated by Lufthansa and the airport company FMG and was further enlarged last year, was named the “world’s best airport terminal”. And with the combination of the world’s finest airport and our state-of-the-art new long-haul aircraft, the Airbus A350, we can offer our customers a truly leading premium air travel experience.”

“In a few days’ time Munich will also see the launch of our quality point-to-point brand Eurowings. This makes Munich an excellent example for the implementation of our strategic agenda based on our three pillars. With our Network Airlines we aim to position ourselves even more clearly as providers of a premium air travel experience, including the further development of our leading role in the field of digital innovation. With our Point-to-Point Airlines our new wet leases will substantially enhance our market position, and we will continue to work with high priority to integrate Brussels Airlines into the Eurowings Group. And with our Aviation Services, further possible growth will be closely linked to improving the efficiency and the profitability of the companies concerned.”

“Our goal is clear,” concludes Carsten Spohr. “We want to make the Lufthansa Group even better and even more successful in 2017.”

N-power graduates get additional N900m monthly

President Muhammadu Buhari has approved an additional N4,500 monthly electronic device grant each for the 200,000 beneficiaries of the N-power graduate employment scheme.

The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, in a statement yesterday, said the grant was in conjunction with the Bank of Industry which had extended an asset finance of 20 months to each of the 200,000 beneficiaries.

Akande said the device would be loaded with different applications that would enhance the skills of the 200,000 beneficiaries of the first batch of the 500,000 jobs promised by Buhari’s administration.

He said after verification, each of the beneficiaries would select their choice of device amongst nine different BOI pre-approved vendors, “the price ranges from N3,000 to N6,7000 monthly deductions for the next 20months.

“Therefore, in some cases, the N4,500 device grant will cover the full monthly deduction cost; while in other cases, the graduate authorises BOI to deduct the additional differential cost from their monthly stipends depending on the device chosen.”

He said six of the nine pre-approved vendors were indigenous local brands “in pursuit of the Buhari administration’s push for local content.”

Akande, who said about 100,000 beneficiaries had so far ordered for the devices, noted that the plan was to conduct the order of the devices in two batches of 100,000.

Daily Trust

Breaking: Buhari Returns, Lands In Kaduna, Flown To Villa Via Helicopter

President Muhammadu Buhari has returned to the country after six weeks of medical vacation

The President arrived today (Friday) at about 4 a.m., 51 days after he left the country on a medical vacation, and was flown by helicopter to the President Villa, Abuja.

The news of his imminent return on Friday was broken Thursday night in a statement by his media aide, Femi Adesina.

“President Muhammadu Buhari is expected to return to the country tomorrow, Friday March 10, 2017. The President left the country on January 19, 2017 for a vacation, during which he had routine medical check-ups,” Adesina said.

“The holiday was extended based on doctors’ recommendation for further tests and rest.

“President Buhari expresses appreciation to teeming Nigerians from across the country and beyond, who had prayed fervently for him and also sent their good wishes.”

Sources also revealed that the president might address the nation on Friday after his long absence, in order to quell any concerns over his capacity to govern.