Judiciary
THE Nigerian government has expressed satisfaction with the outcome of the ruling of UK Commercial Court over its case with the Process and Industrial Development, P&ID, Ltd.
Earlier, today, September 26, the UK Commercial Court granted the Federal Government of Nigeria’s request for leave to appeal, enabling it to appeal the recognition of the UK Arbitration Tribunal in the UK Court of Appeal.
The UK Commercial Court also approved the government’s application for a “stay of execution” which will prevent the plaintiff, P&ID, from enforcing the UK Arbitration Tribunal’s earlier judgement while this case is heard on appeal before the Court of Appeal.
Commenting on the ruling, Abubakar Malami, attorney general, said: “I am pleased with today’s development in the court and see this as a positive resolution that constitutes an important step in the Government’s efforts to defend itself in a fair and just process. We look forward to challenging the UK Commercial Court’s recognition of the Tribunal’s decision in the UK Court of Appeal, uncovering P&ID’s outrageous approach for what it is: a sham based on fraudulent and criminal activity developed to profit from a developing country.”
However, the P&ID welcomes the ruling that requires Nigeria must Par $200 million to proceed.
In a statement following the ruling, which made available to Realnews, P&ID said the “Court has ruled that the Nigerian Government must put up $200 million to maintain a stay of execution whilst it pursues an appeal against enforcement of the now $9.6 billion award in favor of P&ID. The Nigerian Government will now have to put its money where its mouth is if it wants to avoid immediate seizure of assets.
“The Nigerian Government’s recent media exercise to allege fraud against P&ID turned out to be a red herring. Indeed, the Nigerian Government did not present any evidence to support Attorney General Malami’s “findings” from his sham investigation. The Nigerian Government knows there was no fraud and the allegations are merely political theater designed to deflect attention from its own shortcomings.”
– Sept. 26, 2019 @ 19:09 GMT |
Tags: $9.6bn Debt a sham based on fraudulent and criminal activity of P&ID – Malami
