an award to Process & Industrial Developments of billions of dollars in damages that was made by a London arbitration tribunal in 2017.
Two years later, P&ID was awarded $6.6 billion for lost profits, a sum which has since swelled with interest to just over $11 billion, which represents around 30% of Nigeria's foreign exchange reserves.
Nederland Laatste Nieuws, Nederland Headlines
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Business Maverick: Hedge Fund-Backed Firm Fights Nigeria for $11 Billion PayoutNigeria cooked up fictitious allegations in a politically motivated campaign to dodge a massive $11 billion arbitration award, a hedge-fund backed firm claimed at a London trial over the legality of the disputed payout.
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