Nigeria has finally been able to thwart the implementation of the $11 billion arbitration ruling in P&ID’s favour after more than five years of legal fireworks.
The Commercial Courts of England and Wales judge Robin Knowles upheld Nigeria’s request in a decision sent via email on the grounds that the doomed gas processing contract was secured through deception.
The much-anticipated verdict would be handed out on Monday, according to a report from MDB on Saturday.
On January 31, 2017, a private arbitral tribunal ordered Nigeria to pay P&ID $6.6 billion plus interest, starting from March 20, 2013.
With the interest rate fixed at seven percent amounting to $1 million a day, the potential payment had accumulated to over $11 billion before the verdict.
According to the Judge Robin Knowles, the awards against Nigeria by the company was obtained by fraud.
“In the circumstances and for the reasons I have sought to describe and explain, Nigeria succeeds on its challenge under section 68. I have not accepted all of Nigeria’s allegations. But the Awards were obtained by fraud and the Awards were and the way in which they were procured was contrary to public policy,” Justice Knowles ruled.
