VR Capital, a hedge fund firm, says payments made to Nigerian officials by Process & Industrial Developments (P&ID) violated the law, Semafor Africa is reporting. VR Capital, a major stakeholder
VR Capital, a hedge fund firm, says payments made to Nigerian officials by Process & Industrial Developments VR Capital, a major stakeholder in P&ID, made the allegation in a separate lawsuit against “business partners it bought its stake in the company from”.
Nigeria is seeking to overturn a 2017 arbitration award of $6.6 billion plus interests in favour of P&ID, over a failed gas supply and processing agreement . The country is alleging that the contract was secured through dishonest means that included bribery and perjury and that the arbitration award, which has now risen to $11 billion because of interests, should be quashed.In 2019, the hedge fund managed by VR Capital Group, bought a large stake in P&ID.into the case between P&ID and Nigeria and has since backed the company for the $11 billion payout.
However, the New York district court vacated its order in November 2020, on the grounds that Nigeria had not “provided a good reason” for bypassing the procedures set out in a mutual legal assistance treaty between the US and Nigeria.Nigeria to request documents from P&ID stakeholders, including VR Capital.
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