Business Maverick: Hedge Fund-Backed Firm Fights Nigeria for $11 Billion Payout

Process & Industrial Development Ltd., jointly owned by a British lawyer’s litigation funding firm and VR Capital Group Ltd., said in filings prepared for the trial that Nigeria is a society “where the rule of law is patchy” and that authorities imprisoned people close to P&ID in “shocking conditions” to pressure them into false confessions.

The firm’s response follows Nigeria’s allegations that P&ID bribed government officials in Nigeria to secure a 20-year free gas supply contract in 2010. After the deal failed, P&ID started an arbitration case and bribed legal officials working for or hired by the previous government to collude with the company to win a $6.6 billion award for lost profits in January 2017, the country’s lawyers have alleged.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigeria opens 'game changer' billion-dollar deep seaport in Lagos | BusinessMany of Nigeria’s existing seaports, inherited from the colonial administration, no longer function properly. Run by a black government the proof is there a black government filled with greed only thinks about filling they pockets and run african countries into the grounds and see nothing wrong with it Same in South Africa They have the richest man in Africa, yet they chose to use the Chinese, sacrificing 75% ownership.
Source: News24 - 🏆 4. / 80 Read more »