08:52:04 EDT Thu 02 May 2024
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Naeem Tyab looks to avoid jail for Griffiths scheme

2023-09-01 20:19 ET - Street Wire

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by Mike Caswell

Vancouver's Naeem Tyab has asked that a U.S. federal judge not send him to jail for a bribery scheme involving officials from the African country of Chad. He says that he has spent years "fully and enthusiastically" co-operating with the government, helping with investigations unrelated to his case. He also points out that he has already spent over two years living in near-isolation at an apartment while awaiting sentencing.

The request from Mr. Tyab comes as part of a case in which U.S. prosecutors claim that he participated in a scheme involving Griffiths Energy International Inc., an African oil explorer from Calgary. According to prosecutors, he and others arranged payouts totalling $2-million to diplomats from Chad over a period of five years in exchange for oil rights. (All figures are in U.S. dollars.) The payouts led to Mr. Tyab realizing $27.6-million in illegal gains by selling his Griffiths shares, prosecutors claim.

There was no trial for Mr. Tyab, as he pleaded guilty to a charge of conspiracy to violate the Foreign Corrupt Practices Act. The charge carries a maximum sentence of five years in jail. Prosecutors have since asked that the judge sentence him to two years, a substantial reduction that they say is warranted by his co-operation with authorities.

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