Chinese Firm: Nigeria Loses 2 Properties in US, After Loss of Presidential Jets in France …C0NTINUE READING HERE >>>
The Ogun state government has again been fined $70 million in an arbitrary appeal against the judgment earlier secured by Zhongshan Fucheng Industrial Investment Co. Ltd, a Chinese firmA United States Court of Appeal, in a final charge, ordered the Chinese firm to take over two properties in the US The federal government had earlier appealed the ruling of the District Court of Columbia, but the court insisted on having the right to hear the matter, giving its reason
A United States Court of Appeal has issued a final charging order to Zhongshan Fucheng Industrial Investment Co. Ltd, a Chinese firm, to take over two federal government properties.
The court ordered the enforcement of the $70 million arbitration award against the Ogun state government in favour of the Chinese firm.
US Court ordered FG to forfeit two properties to Chinese firm
Photo Credit: Getty Images
Source: Twitter
The verdict was delivered on Friday, August 9. In the majority judgment, the court affirmed the ruling of the US District Court for the District of Columbia, which maintained that the arbitration award could be enforced.
It was learnt that the development had worsened the federal government’s move to ensure that the crisis did not escalate to other countries in Europe.
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Court orders seizure of Nigeria’s presidential jets
A French court has authorized the seizure of three Nigerian presidential jets due to a dispute between Zhongshan and the Ogun State government. The Presidency is aware of the situation and accuses Zhongshan of attempting to take over Nigeria’s offshore assets through subterfuge.
In January 2023, a US court ruled that it has jurisdiction over the case, despite Nigeria’s argument that it is a sovereign entity. The court cited the New York Convention, which the UK has signed, allowing for the enforcement of arbitration awards.
Zhongshan acquired rights to develop a free trade zone in Ogun State in 2010 and established a subsidiary, Zhongfu International Investment, to manage the project. However, in 2016, Zhongshan accused the Ogun state government of attempting to terminate its appointment and install a new manager.
Chinese firm institutes treaty against Nigeria
Zhongshan initiated an investment treaty arbitration against Nigeria, which ruled in favour of Zhongshan and awarded approximately $70 million in compensation. In January 2022, Zhongshan sought enforcement of the arbitration award.
The dispute has led to the seizure of three presidential jets, including a Dassault Falcon 7X, a Boeing 737, and an undelivered Airbus 330. The Nigerian government is working to resolve the issue and prevent further asset seizures.
Presidential jets: Peter Obi knocks FG
Henzodaily.ng earlier reported that President Bola Tinubu has again been fired for buying presidential jets amid the economic hardship Nigerians are experiencing.
Peter Obi, the Labour Party 2023 presidential candidate, made the claim while commenting on the reported seizure of three presidential jets belonging to the Nigerian government in France.
The former Anambra government said the development exposed Nigeria’s failure of leadership and the country’s attitude to the rule of law.
Source: Henzodaily.ng
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