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UK judge to allow Nigeria to appeal ruling on $9.6 bln P&ID case

Published 26/09/2019, 15:12
UK judge to allow Nigeria to appeal ruling on $9.6 bln P&ID case

LONDON, Sept 26 (Reuters) - A UK judge on Thursday gave

Nigeria permission to seek to overturn a ruling that would have

allowed a private firm to seek to seize more than $9 billion in

assets.

The judge also granted Nigeria's request for a stay on any

asset seizures while its legal challenge is pending, but ordered

it to pay $200 million to the court within 60 days to ensure the

stay.

The original decision on Aug. 16 converted an arbitration

award held by firm Process & Industrial Developments (P&ID) to a

legal judgment, which would allow the British Virgin

Islands-based firm to try to seize international assets.

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