gavel.
A United Kingdom judge has
ordered P&ID to make an interim payment of more than £1.5
million to Nigeria within 21 days to cover legal costs the country
incurred as part of its successful application for the extension of
time to challenge the arbitration award of $9.6 billion to the
company.
The judge gave the order on Thursday
when Nigeria appeared before it in a hearing held to decide
procedural and costs issues relating to the FRN’s applications to
challenge the arbitration award and to determine the short-term
directions to trial.
READ ALSO: UK Court Ruling, A Source Of Huge
Satisfaction – Presidency
This latest order follows the major
victory it secured on Friday last week when the court allowed the
country to bring a fraud challenge against a $9.6 billion
arbitration award obtained by vulture-fund-backed P&ID well
outside the normal time limits.
“This is another crucial win for
Nigeria in our ongoing fight against the vulture-fund-backed
P&ID,” a spokesperson for the Attorney General of the
Federation said in a statement announcing the latest development.
“We are pleased that the English
Courts have taken our fraud challenge seriously, and awarded us a
substantial interim payment in respect of our successful
application for an extension of time to challenge the
award.”
With the order, Nigeria will now
proceed to a full fraud trial, in its quest to avoid paying the
arbitration award which is estimated to be one-third of the
national budget.
The Nigerian government considers
the order a “significant blow” to P&ID as will help speed up
the trial and halt what it says are attempts by the company to
delay the process.
(adsbygoogle = window.adsbygoogle || []).push({});
“To date, P&ID and its financial
backer VR Capital have not produced a single document or credible
witness to challenge the FRN’s fraud evidence,” it said of the
attempts.
“Instead, they continue to resort to
disseminating misleading claims, while taking every step possible
to delay or obstruct our investigations across multiple
jurisdictions.”
The Nigerian government has
maintained over time that the contract that led to the arbitration
was fraudulent and that it would work relentlessly to overturn
it.
After securing two favourable court
decisions, it restated the commitment to overturning “the
injustice”, saying it “will not rest until we secure justice for
the people of Nigeria – no matter how long it takes.
Investigations into the GSPA are ongoing, and we are
confident that more of the truth will be revealed over the coming
months.”
P&ID, a firm based in the British Virgin Islands, won a $9.6
billion arbitration award against the Nigerian government after the
2010 gas project collapsed.
The award accrued interest since 2013 and is now worth more than
$9 billion.
However, Nigeria on September 3, secured a landmark
victory in its pursuit to overturn a $10 billion judgment
awarded against it in a case against P&ID in a failed gas deal
in 2010.
Ross Cranston, a judge of the Business and Property Courts of
England and Wales, granted Nigeria’s application for an extension
of time and relief from sanctions, in the nation’s bid to overturn
a $10 billion judgement awarded against it.
Read more https://swordpress.com.ng/2020/09/11/judge-orders-pid-to-pay-nigeria-over-1-5-million/