Nigeria, Oct. 26 -- An investigator with the Economic and Financial Crimes Commission (EFCC), Bawa Kaltungo, has described Arik Air receivership as fraudulent, telling the Lagos State Special Offences Court in Ikeja that the airline was not indebted to Union Bank of Nigeria.

Mr Kaltungo, who is the Director of the EFCC Zonal Directorate 2 in Lagos, was the fourth prosecution witness in the trial of former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru and four others, said he had informed AMCON's management that Arik Air did not owe the bank.

"The foundation for the appointment of a receivership over Arik Air was fraudulent and faulty. There was no bad debt; it does not exist," he said on Monday.

The witne...