A judge in the UK has ordered P&ID to make an interim payment of more than £1.5 million to Nigeria within 21 days to cover legal costs the country incurred as part of its successful application for the extension of time to challenge the arbitration award of $9.6 billion to the company.
The judge gave the order on Thursday in a hearing held to decide procedural and costs issues relating to Nigeria’s applications to challenge the arbitration award and to determine the short-term directions to trial.
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The ruling comes off the back of the major victory Friday last week when the court allowed Nigeria to bring a fraud challenge against a $9.6 billion arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.
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“This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID,” a spokesperson for the Attorney General of the Federation said in a statement announcing the latest development.