December 10, (THEWILL) – A High Court in the United Kingdom has ordered Process & Industrial Developments (P&ID) Limited to pay Nigeria £20 million in damages and compensation.
The Court ordered that the money be paid in compensation to Nigeria within the next 28 days.
The order followed the victory of Nigeria in her appeal against the $11 billion arbitration award in October 2023.
The Business and Property Courts of England and Wales, London had, in a judgment delivered on October 23 by Justice Robin Knowles, quashed an arbitration order on Nigeria to pay a total of $6.6 billion as damages accruing from March 20, 2013, with interest at a rate of seven per cent, which amounts to $11 billion in 2017.
The Court had held that the $11 billion arbitration award to P&ID was fraudulent and violated the English Arbitration Act 1996.
Following the judgment, P&ID had attempted to revive their claims through fresh arbitration.
Ruling on the motion for permission to seek a fresh arbitration, the Court held that a fresh arbitration could not proceed while the 2023 judgement remained valid.
P&ID is currently seeking permission to appeal the October 2023 judgement.
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