JUST IN: Chinese Company Releases 1 Seized Nigerian Presidential Jet, Details Emerge …C0NTINUE READING HERE >>>
A Chinese firm, Zhongshan Fucheng Industrial Investment Co. Limited, said it has released a Nigerian presidential jetHenzodaily.ng reports that the aircraft is one of the properties in the possession of foreign entitiesA court in Paris, France, had permitted Zhongshan to seize three Nigerian presidential jets over an alleged $74.5 million judgment debt awarded to it against the African nation
Henzodaily.ng journalist, Ridwan Adeola Yusuf, has over 9 years of experience covering public journalism.
Beijing, China – Zhongshan Fucheng Industrial Investment Co. Limited, has released one of the seized presidential jets of Nigeria.
As reported by Vanguard, Zhongshan Fucheng’s spokesperson made this known to newsmen on Friday, August 16.
For illustration purposes only. The depicted plane has no relationship to the events described in this material.
Photo credit: @OCCRP
Source: Twitter
The Chinese company’s official disclosed that it released the aircraft because President Bola Tinubu will soon need it to travel to a scheduled meeting with French President, Emmanuel Macron.
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Arise TV News quoted the company’s spokesperson as saying:
“Zhongshan has consistently sought to act reasonably and fairly in the course of a legal dispute with Nigeria which was not of its making.
“As a gesture of goodwill, Zhongshan has lifted the seizure of that aircraft immediately. This will allow it to be used for the president’s trip.”
Background of the seized Nigerian jets
Henzodaily.ng reports that the case at the heart of the matter centres on a 2013 contract signed by Zhongfu, a subsidiary of Chinese investment company Zhongshan Fucheng Industrial Investment, and the Ogun state government to develop a free trade area. Zhongfu was to own 60 per cent of the joint venture under the terms of the deal.
However, in 2016, Zhongfu alleged that the Ogun government had backed out of the deal and wanted to take over the “significant” Chinese investment in the free trade zone. The company said a “campaign of illegal acts” against it ultimately forced it out of the agreement.
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Zhongshan initiated arbitration proceedings against Nigeria in 2018. A three-person arbitration panel in London awarded the company $70mn in damages to be paid by the Nigerian government in 2021.
A judge in the Commercial Court in the King’s Bench Division of London’s high court of justice granted Zhongshan an enforcement order against properties owned by Nigeria which led to the confiscation of the planes.
Presidency speaks on seized jets
Earlier, Henzodaily.ng reported that the Nigerian presidency accused Zhongshan Fucheng of using arm-twisting tactics to seize the nation’s three presidential jets in France.
The presidency accused Zhongshan of withholding vital information and misleading the judicial court in Paris.
Source: Henzodaily.ng
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