
London court nullifies USD 11 billion award
Rob Harkavy
,
Nigeria breathes a sigh of relief as the Commercial Court accepts the contract in dispute was tainted by corruption.
The Commercial Court in London has today (23 October) set aside a USD 11 billion arbitration award in favour of Process and Industrial Developments Limited (P&ID), a British Virgin Islands-based company that had sued Nigeria for breaching a gas processing contract. Should Nigeria have lost the case, being impelled to pay out such a huge sum would have had a seriously delete
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