Nigeria is refusing to honour a ruling by UK-based judges on a failed gas project. The African nation is right to fight $9 bln arbitration claim, edwardcropley writes:
Nigeria will do “whatever it takes” to protect its economy from a $9 billion arbitration award granted to Process and Industrial Developments Ltd over a failed gas project, senior government officials said on Sept. 23.
A London judge in August granted the little-known British Virgin Islands-registered company the right to recover its claim by seizing Nigerian government assets. Attorney General Abubakar Malami told Reuters Breakingviews on Sept. 23 the contract with P&ID, founded by two Irishmen, one of whom is now dead, was fraudulent and designed to fail. He argued that this rendered the arbitration ruling irrelevant. A website called ‘P&ID Facts’ says the contract was genuine and legitimate.
The initial arbitration ruling against Nigeria by judges in London in 2017 awarded P&ID $6.6 billion. The government missed the 28-day deadline to appeal that decision. Since that ruling, interest charges have increased the size of the award to more than $9 billion.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Jeff Bezos would pay $9 billion a year in wealth taxes under Bernie Sanders' planIn an effort to outflank the rise of Sen. Elizabeth Warren, Sen. Bernie Sanders announced a wealth tax that would hit multibillionaires like Bezos especially hard.
Baca lebih lajut »
Google wins in 'right to be forgotten' fight with FranceGoogle won its fight against tougher 'right to be forgotten' rules aft...
Baca lebih lajut »
Texas plans to execute a man who says DNA evidence could exonerate himRodney Reed and his legal team argue that his trial was marred by unexamined evidence and false scientific claims
Baca lebih lajut »
Greta Thunberg And 15 Young People Target These 5 Countries To Fight Climate ChangeThe young people claim their rights are being violated.
Baca lebih lajut »
Greta Thunberg And 15 Young People Target These 5 Countries To Fight Climate ChangeGreta Thunberg and 15 other young people filed a legal complaint with the United Nations against 5 countries by lisettevoytko
Baca lebih lajut »
Greta Thunberg And 15 Young People Target These 5 Countries To Fight Climate ChangeThe young people claim their rights are being violated.
Baca lebih lajut »