Presidential Jets Seizure: Chinese Firm Announces Fresh Plan …C0NTINUE READING HERE >>>
The Chinese firm involved in a contract breach case with the Ogun state government has expressed the readiness to negotiate with the Nigerian government$74.5 million in compensation was awarded by the arbitration panel in favour of the Chinese company, which the state was yet to payTo enforce the ruling, a French court has ordered the forfeiture of three presidential jets, national assets belonging to Nigeria in France
The Chinese company Zhongshan, whose free trade zone management contract was revoked by the Ogun State government in 2016, has expressed its willingness to settle its dispute with the Nigerian government.
Zhongshan emphasized its confidence in the legal process and the arbitral ruling in its favour. The company highlighted the international significance of the Ogun Free Trade Zone, which the Economist Intelligence Unit has recognized as a key global investment.
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Chinese company await positive response from Nigeria
Zhongshan reiterated its willingness to engage in serious negotiations with the Nigerian government to reach a settlement but noted that it is still waiting for a positive response from the authorities.
A French court has authorized the seizure of three presidential jets linked to the Nigerian government as part of enforcement efforts to ensure that Zhongshan receives $74.5 million in compensation awarded by the arbitration panel. Bailiffs have served legal papers preventing the movement, sale, or purchase of the jets until the compensation is paid.
Zhongshan stated that the French court was fully aware of the facts when it made its decision. The company emphasized that it has only sought to assert its rights under international law and is confident in its case. The independent arbitral panel was found unanimously in its favour, and courts in multiple countries have upheld the view that the panel’s compensation should be enforced.
Source: Henzodaily.ng
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