The Nation Newspaper UPDATED: Nigeria wins bid as UK court quashes $11bn P&ID award
A Business and Property Court in London presided over by Justice Robin Knowles of the Commercial Courts of England and Wales has quashed the 11 billion dollars awarded againstJudge Knowles held that the award was obtained by fraud and that what had happened in the case was contrary to public policy.
The award had continued to accrue interest since then, rising to approximately $11 billion before the judgment. P&ID claimed Nigeria violated terms of its agreement by failing to provide gas for the power plant it wanted to build for the country.This frustrated the construction of the Gas Project agreed to during the government of former president Umaru Yar’Adua and deprived P&ID the potential benefits expected from 20 years’ worth of gas supplies with “anticipated profits of $5 to $6 billion.”
Also, Shasore was accused of obstructing Nigeria’s legal proceedings against the British Virgin Islands-based company. “On 21st November, 2017, Shasore, SAN was engaged by Nigeria to represent the Ministry of Power in a $2.4bn arbitration claim by Sunrise Power and Transmission Co.
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