Recents in Beach

ENT-RELOADED

      Entertainment |Music | Trendy Gists | News 


P&ID: FG Issues Statement On Thursday’s Ruling

The President Muhammadu Buhari led federal government has reacted to the latest ruling of the UK Commercial Court over the controversial Process and Industrial Developments (P&ID) deal.

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

The court had on Thursday, Sept. 26, 2019, ordered a stay of execution of the $9.6billion damages secured against Nigeria by P&ID pending the determination of an appeal by the federal government.

The court also granted Nigeria’s leave to file an appeal against the award, and asked the government to make a security payment of $200million to it.

Reacting, the federal government described the ruling as a welcome development, adding, “the resolution constitutes an important step in the government’s efforts to defend itself in a fair and just process.”

The federal government's reaction was contained in a statement issued by the Ministry of Information and Culture on its official website, late Thursday.

A copy of it is hereby reproduced below, courtesy Igbere TV.

Statement from the Federal Government of Nigeria on today’s developments in the Court

LONDON – Earlier today, the UK Commercial Court 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 this case is heard on appeal before the Court of Appeal.

The Attorney General Abubakar Malami commented further: “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 fraudulent and criminal activity developed to profit from a developing country”, he added.

http://igberetvnews.com/1026135/pid-fg-issues-statement-todays-ruling/

source http://www.nairaland.com/5439254/p-id-fg-issues-statement

Post a Comment

0 Comments