09-19-2019, 10:11 PM
$9.6 billion fine: Court orders forfeiture Of P&ID assets in Nigeria
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The Process and Industrial Development (P&ID) who were dragged to court on 11-count charge bordering on economic sabotage, money laundering, tax evasion amongst others have been ordered to forfeit all its assets in Nigeria to the Federal Government.
The Federal High Court's judgement which came on the heels of a recent controversial judgment of a British court empowering the firm to seize about $9.6bn worth of Nigerian assets, was handed out after P&ID Ltd, the parent company incorporated in the British Virgin Island which was represented by its Commercial Director Mohammad Kuchazi and P&ID Nigeria Limited who were represented by Adamu Usman pleaded guilty to charges against them.
Documents relating to the controversial 2010 gas supply contract and EFCC’s investigation activities were tendered and admitted by the judge as exhibits without objection from the defence.
Justice Inyang Eden Ekwo passed the judgement based on the admission of guilt by the firm and its officials in the criminal charges against them and he also made an order winding up the two firms as well as forfeiture of their assets to the federal government.
However the British firm who on August 16, 2019 won a $9.6bn UK court judgement against the Nigerian government over a failed gas deal signed in January 2010, has vowed to continue its efforts to identify and seize Nigerian assets following President Buhari's administration unwillingness to negotiate in good faith in order to find “a reasonable resolution to the debt.
In a statement released on Thursday September 19, P&ID Ltd also accused the Nigerian government of arresting individuals associated with the firm.
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The Process and Industrial Development (P&ID) who were dragged to court on 11-count charge bordering on economic sabotage, money laundering, tax evasion amongst others have been ordered to forfeit all its assets in Nigeria to the Federal Government.
The Federal High Court's judgement which came on the heels of a recent controversial judgment of a British court empowering the firm to seize about $9.6bn worth of Nigerian assets, was handed out after P&ID Ltd, the parent company incorporated in the British Virgin Island which was represented by its Commercial Director Mohammad Kuchazi and P&ID Nigeria Limited who were represented by Adamu Usman pleaded guilty to charges against them.
Documents relating to the controversial 2010 gas supply contract and EFCC’s investigation activities were tendered and admitted by the judge as exhibits without objection from the defence.
Justice Inyang Eden Ekwo passed the judgement based on the admission of guilt by the firm and its officials in the criminal charges against them and he also made an order winding up the two firms as well as forfeiture of their assets to the federal government.
However the British firm who on August 16, 2019 won a $9.6bn UK court judgement against the Nigerian government over a failed gas deal signed in January 2010, has vowed to continue its efforts to identify and seize Nigerian assets following President Buhari's administration unwillingness to negotiate in good faith in order to find “a reasonable resolution to the debt.
Quote:"As a result, P&ID will continue its efforts to identify and seize Nigerian assets to satisfy the debt as soon as possible,” it added.
In a statement released on Thursday September 19, P&ID Ltd also accused the Nigerian government of arresting individuals associated with the firm.
Quote:Andrew Stafford Q.C. of Kobre & Kim, which represents P&ID, added, “The Nigerian government, through the Economic and Financial Crimes Commission, is carrying out a targeted campaign of detentions aimed at individuals associated with P&ID and the US $9.6bn arbitration award P&ID has won against Nigeria.
“The detentions are illegal, and appear to be aimed at coercing false testimony to support Nigeria’s claim that P&ID’s award is a fraud. Nigeria’s Attorney General Abubakar Malami has acknowledged that his aim is to provoke global opposition against P&ID, by undertaking these attacks.
“P&ID calls on the government of Nigeria to accept its responsibilities under the law, and to cease the unlawful detentions.