Chinese firm agrees to release one of Nigeria’s seized presidential jets
Zhongshan Fucheng Industrial Investment Co. Ltd, a Chinese firm says it has agreed to release one of Nigeria’s seized presidential jets.
A French court recently ordered the seizure of three presidential jets belonging to Nigeria over a contract dispute between the Chinese firm & Ogun state government.
The court ruled that the firm should use Nigeria’s jets at the Paris-Le Bourget & Basel-Mulhouse international airports as “security for its claim of EUR 74,459,221”.
A United States appeal court had also ruled that Nigeria’s claim to sovereign immunity cannot stand in a commercial venture. The court rejected Nigeria’s sovereign immunity defence to the enforcement of a $70 million investment treaty award won by Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese investor in a free trade zone.
The presidency & the Ogun state government had accused the firm of “attempting to fraudulently acquire Nigeria’s offshore assets”. Earlier, the firm said it is ready for a resolution of its dispute with Nigeria.
