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$9.6bn P&ID Fine: Stay Of Execution Order Excites FG

By GRANDNEWS on

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The Federal Government is excited with the UK Court’s “Stay of Execution Order” on the controversial $9.6bn judgment it delivered in favour of Process and Industrial Developments in August. It is seen as a huge moment of respite.

ChannelsTV reports that the FG through the Attorney General of the Federation, Abubakar Malami, described the development as “positive” in the government’s efforts to have the matter resolved.

The UK Commercial Court had on Thursday granted the Federal Government of Nigeria’s request for leave to appeal, enabling the Government to appeal the Court’s recognition of the UK Arbitration Tribunal in the UK Court of Appeal.

The UK Commercial Court also approved the Government’s application for a “stay of execution” which will prevent the plaintiff, P&ID, from enforcing the UK Arbitration Tribunal’s earlier judgment while the case is heard on appeal before the Court of Appeal.

Malami said: “I am pleased with today’s development in the court and see this as a positive resolution that constitutes an important step in the Government’s efforts to defend itself in a fair and just process.

“We look forward to challenging the UK Commercial Court’s recognition of the Tribunal’s decision in the UK Court of Appeal, uncovering P&ID’s outrageous approach for what it is: a sham based on a fraudulent and criminal activity developed to profit from a developing country.”

P&ID secured the damages against Nigeria following a failed Gas Supply Project Agreement (GSPA) contract between it and the Federal Ministry of Petroleum Resources.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami in a brief from London said, “Application for leave to appeal against the award and enforcement of the award is granted”. (ChannelsTV)

 

Source GRANDNEWS

Posted 27/09/2019 09:16:47 AM

 

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