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Lebanese-Nigerian tycoon Gilbert Chagoury recently entered a deferred prosecution agreement* with the U.S. Department of Justice (DoJ). The agreement follows allegations that he made illegal donations to the country’s politicians.
A federal probe accusing him of conspiring to violate federal election laws by scheming to make illegal campaign contributions to U.S. presidential and congressional candidates is resolved through the agreement.
He was slammed with a $1.8-million fine, which he has paid, PM News reported.
According to a DoJ statement, “Gilbert Chagoury, 75, who presently resides in Paris, France, paid $1.8 million to resolve allegations that he, with the assistance of others, provided approximately $180,000 to individuals in the United States that was used to make contributions to four different federal political candidates in U.S. elections.”
In 2017, Chagoury and the U.S. government reportedly agreed to settle a lawsuit over anonymous leaks that claimed he was financing a terrorist organization, Forbes reported. The businessman had been denied a visa to the United States in 2016 due to charges linking him to the Islamist terrorist group, Hezbollah.
However, after filing a lawsuit against the FBI and other agencies for reputational damages, both parties agreed that Chagoury would drop the suit. Simultaneously, the government agreed to confirm that he had never been on a U.S. sanctions list and financial institutions were free to do business with him.
Chagoury is a philanthropist and astute businessman. He co-founded the Chagoury Group with his younger brother, Ronald Chagoury. In 2020, they contributed large amounts to the fight against the COVID-19 pandemic in Nigeria, with a N1-billion ($2.62 million) donation to Lagos State.
The Nigeria-based conglomerate has interests in construction, real estate and property development, flour mills, water bottling and purification, glass manufacturing, insurance, hotels, furniture manufacturing, telecommunications, IT, catering and international financing.
The Chagourys own Eko Hotel and Suites, Eko Atlantic City, HITEC Construction Company Limited and ITB Construction Limited.
*A deferred prosecution agreement (DPA) is an arrangement reached between a prosecutor and a company to resolve a matter that would otherwise be prosecuted. The deal allows the prosecution to be suspended for a defined period, provided the organization meets a particular specified condition.
