Zhongshang Fucheng Industrial Investment Ltd., a Chinese company, has taken possession of a $57 million Bombardier 6000 jet owned by the Nigerian government. The aircraft was seized in Canada, following a Canadian court ruling in favor of Zhongshang.
The change of ownership was recently finalized after the Canadian court granted Zhongshang’s request to seize the jet. “The court authorized the seizure earlier this year, but the transfer of custody from Nigeria to Zhongshang was recently completed,” said a source familiar with the matter.
Zhongshang has stated that it will continue to seize Nigerian assets globally until it receives payment for the arbitration awards it has won against the country. These awards total over $70 million.
The luxury jet was initially purchased by Dan Etete, who was involved in the corrupt sale of the OPL 245 oil field. Nigeria seized the aircraft from Etete in 2016 and flew it to Canada in 2020, where it was seized and held at the Montreal airport.
Judge David Collier of the Superior Court of Quebec ruled in favor of Zhongshang, dismissing Nigeria’s arguments and sovereign immunity claim. This decision aligns with a recent arbitration ruling in the UK....Read Full Article [Click Here>]
The seizure is part of a series of actions taken by Zhongshang to enforce the arbitration awards. The company has seized Nigerian assets in countries such as the UK, France, and Canada.
Despite losing legal challenges in multiple countries, Nigeria continues to deny any wrongdoing in the lawsuits, which relate to a poorly managed free trade zone contract in Ogun State.
Source: Politics Nigeria
