The Chinese company, Zhongshan whose export processing zone management contract was revoked by the Ogun State government in 2016 has expressed its readiness to settle its dispute with the Nigerian government.
According to Premium Times, it was reported that the company, Zhongshan on Thursday, 15th August 2024 sent a statement emphasised its confidence in the legal process and the arbitral ruling in its favour.
The statement reads “Zhongshan has only ever sought to assert its rights under international law and is confident in its case.
“The independent arbitral panel found unanimously in its favor, and courts in multiple countries have upheld the view that the panel’s compensation should be enforced.
” The French court was fully aware of the facts when it reached its decision.”
The company further highlighted the international significance of the Ogun Free Trade Zone, which had been recognized by the Economist Intelligence Unit as a key global investment.
Zhongshan reiterated its willingness to engage in serious negotiations with the Nigerian government to reach a settlement, but noted it is still waiting for a positive response from the authorities.
Recall that a French court authorized the seizure of three presidential jets linked to the Nigerian government.
The court’s decision comes as part of enforcement efforts to ensure that Zhongshan receives $74.5 million in compensation, awarded by the arbitration panel.
Bailiffs have served legal papers preventing the movement, sale, or purchase of the jets until the compensation is paid.( Tribune)
