The Chinese firm identified as Zhongshan Fucheng Industrial Investment Co. Limited, which has secured a court order to ground three of the federal government’s presidential jets, was reportedly plotting to get similar court injunctions in eight other countries.
It was learnt that the Chinese firm has commenced a legal move in at least eight global jurisdictions over the dispute between it and the Ogun state government.
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Countries Chinese firm planning to take over Nigeria’s assets
Photo Credit: @officialABAT
Source: TwitterCountries Chinese firm targets Nigeria’s assets
According to The Punch, some of the countries Zhongshan have initiated legal actions to seize federal government assets are the United Kingdom, the United States of America, Canada, Belgium, Singapore, France, and the British Virgin Islands.
This revelation was made as the federal government vowed to protect the country’s assets from the Chinese firm and others, which it described as “predators”.
In 2010, the Ogun Guangdong Free Trade Zone Company partnered with Zhongshan’s parent company to develop an industrial park. However, their agreement was terminated in 2016, leading to Zhongshan filing lawsuits in Nigerian courts. Although the legal proceedings were discontinued in 2018, Zhongshan pursued further action.
Why French Court grounded Nigeria’s assets
A French court recently authorized the seizure of three Nigerian presidential jets due to an unpaid $74.5m compensation awarded to Zhongshan by an independent arbitral tribunal. The tribunal, chaired by the former President of the UK Supreme Court, ordered Ogun to pay the compensation, which remains unpaid.
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The court order prohibits Nigeria from moving or selling the presidential jets until compensation is paid. The seized jets include a Dassault Falcon 7X, a Boeing 737, which has been put up for sale, and an undelivered Airbus 330.
Interestingly, documents reveal that Zhongshan attempted to seize a luxury private jet recovered by the Nigerian government from Dan Etete, a former petroleum minister. The jet was purchased with proceeds from the notorious $1.3bn Malabu OPL245 oil deal.
Source: Legit.ng
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Publish date : 2024-08-15 19:22:00
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