A Chinese company, Zhongshan, has obtained a court order to seize three Nigerian presidential jets due to an ongoing legal dispute. The jets involved are a Dassault Falcon 7X in Paris, a Boeing 737, and an undelivered Airbus 330 in Switzerland…..For More READ THE FULL ARTICLE HERE ▶▶...CLICK HERE TO CONTINUE READING.>>
This seizure follows the Ogun State government’s termination of Zhongshan’s contract in 2016 and stems from a $74.5 million arbitration award that Nigeria has not paid.
Thank you for reading this post, don't forget to subscribe!The French court authorized the jets’ seizure as part of enforcing the arbitration award from an independent tribunal, which was chaired by a former UK Supreme Court President. Despite federal attempts to address the issue, the Ogun State government has not complied with the award.
Bailiffs have served papers on each aircraft, and the Nigerian government has not yet responded publicly. This action follows the recent seizure of Nigerian properties in Liverpool by a UK court as part of the same dispute.
The legal conflict began in 2010 when Zhongshan’s parent company, Zhuhai Zhongfu Industrial Group, entered into an agreement with Ogun State to establish an industrial park. In 2016, Ogun State ended Zhongfu’s role as interim manager of the zone, triggering the current legal issues.
Zhongfu International Investment, a Zhongshan subsidiary, was registered as a free trade zone enterprise in 2011. After the Ogun State government’s termination of Zhongfu’s contract, Zhongshan pursued investment treaty arbitration under the China-Nigeria bilateral investment treaty.
In March 2021, the arbitration tribunal awarded Zhongshan $55.7 million plus interest and costs. However, despite federal government efforts to resolve the matter, a settlement has not been reached, resulting in the recent asset seizures…..For More READ THE FULL ARTICLE HERE ▶▶
