The District Court in Atlanta, Georgia has cleared Allen Onyema, CEO of Air Peace, of any allegations of business fraud. This decision follows a three-year investigation involving multiple U.S. government agencies and subsequent legal proceedings.

While the court determined that no financial loss occurred to any bank, as alleged in the indictment by the Attorney for the Northern District of Georgia, it did impose probation and a $4,000 fine on a former employee of Springfield Aviation Company Inc., Ebony Mayfield, last Friday.

A statement from Augustine Alegeh & Co., legal representatives for Air Peace, clarified that Mayfield, who had limited knowledge of Letter of Credit transactions, pleaded guilty to one charge after recognizing the difficulty of defending the Letters of Credit used for the purchase of aircraft for Air Peace in a jury trial.

"There was no financial loss or harm to any third party. The U.S. government acknowledged in court that no bank suffered any monetary loss in this case," the firm stated.

It was further explained that Mayfield, like other employees of Springfield Aviation, was only compensated with her regular salary and allowances.

The law firm also emphasized that the court’s ruling reaffirmed the position of their client that there was no fraudulent intent behind the Letters of Credit, as no party was harmed.

All the funds involved, according to the firm, were legitimate. "Our clients assert their innocence, maintaining that every action taken regarding the Letters of Credit was done in good faith with lawful funds," the firm added.

The aircraft acquired through these transactions were imported into Nigeria and used in Air Peace's operations. "There was no victim, no loss of funds, and no criminal intent," the firm reiterated, noting that several law enforcement agencies in Nigeria reviewed the case and found no evidence of criminal activity. "Our clients stand firm in asserting their innocence," the statement concluded.