Gold prices hold sharp gains as soft US jobs data fuels Fed rate cut bets
LAGOS, Dec 6 (Reuters) - Lawyers for the Nigerian government
on Friday filed "new and substantive" allegations of fraud with
a British court in its ongoing fight against an arbitration
award now worth more than $9 billion, a spokesman for the
attorney general said.
The government has been fighting efforts by the firm,
Process & Industrial Developments (P&ID), to enforce the award
for a failed gas project, and now is also seeking to overturn
the underlying award, the spokesman said.
As the window to appeal the arbitration award expired, one
of the only ways to overturn the award itself is to prove fraud
or corruption in the foundation of the contract, legal experts
told Reuters. [https:// "Nigeria's new filings with the English Court is an act of
desperation to try to undo the Court's sound conclusion that
P&ID's $10 billion award is enforceable,” British Virgin
Islands-based P&ID said, adding that the award is now worth $10
billion due to interest accrued.