A French court has authorized the seizure of three presidential jets linked to the Federal Government of Nigeria as part of a legal battle involving Zhongshan, a Chinese company….READ FULL ARTICLE...READ THE FULL ARTICLE HERE ▶▶
The company had a business dispute with the Ogun State government, which led to this significant legal action, sources familiar with the matter have told Premium Times.
The three seized jets include a Dassault Falcon 7X at Le Bourget airport in Paris, a Boeing 737, and an Airbus 330 located at Basel-Mulhouse airport in Switzerland.
All three aircraft are part of Nigeria’s presidential air fleet and are currently undergoing maintenance.
Two of the jets were recently put up for sale, while the Airbus 330 was purchased by Nigeria but had not yet been delivered. The Nigerian government reportedly paid over $100 million for the Airbus.
The seizure stems from a 2016 decision by the Ogun State government to revoke Zhongshan’s export processing zone management contract.
Following this revocation, an independent arbitral tribunal, chaired by a former UK Supreme Court President, awarded Zhongshan $74.5 million in compensation.
However, the Ogun State government has yet to honor the award, leading Zhongshan to seek enforcement against Nigerian assets abroad.
The French court’s order prohibits the movement, sale, or purchase of the seized jets until the $74.5 million compensation is paid to Zhongshan.
Bailiffs have already served legal papers for each aircraft, signaling a significant escalation in the ongoing legal dispute.
This development follows a similar incident in which Nigerian-owned properties in Liverpool, England, were seized by a UK court in connection with the same dispute.
Zhongshan secured charging orders against two properties in Liverpool—15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road—which are estimated to be worth between £1.3 million and £1.7 million….READ FULL ARTICLE
