The Federal Republic of Nigeria (FRN) still continues to battle the $10 billion awarded against it in favour P&ID.
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This continues as the FRN appeared before the English High Court in a bid to upturn the award at a scheduled procedural hearing on the basis that the award was obtained by fraud. Meanwhile, FRN seeks to determine whether the fraud challenge can be brought outside the time frame.
Besides, the challenge contends that the Gas Supply and Processing Agreement (GSPA) was a fraudulent scheme from the beginning and that the award was consequent upon fraud.
However, it was disclosed by a spokesperson for the Attorney General of the Federation that the deal was in itself an orchestrated scam.
“The Federal Republic of Nigeria’s (FRN) ongoing investigations have uncovered further evidence of the vulture-fund-backed P&ID’s highly orchestrated scam.”
Furthermore, it was submitted that an investigation in the US reveals that P&ID and VR Capital can go to any length to ensure that the award is pursued.
“Through the FRN’s investigations in the US in particular, it has become increasingly apparent that P&ID and VR Capital will go to any length to aggressively pursue their fraudulent US$10 billion award.”
According to the source, it was further stated that there are revealed evidence that there are cover up conducts by them in the pursuit of the award.
“P&ID’s pattern of covering up their fraudulent conduct has only recently come to light.
“First, they provided false evidence to, and misled, the Arbitral Tribunal.
Then, they failed to disclose evidence of suspicious payments to the English High Court when they had a clear opportunity to do so. When confronted by the incontrovertible documentary evidence uncovered by the FRN’s legal and investigatory team, P&ID have responded at the eleventh hour with implausible explanations.
“In other cases, they have conveniently dismissed the evidence of witnesses, or claimed that due process has not been followed.
Not a single document or credible witness has been produced by P&ID and VR Capital to contradict the FRN’s fraud evidence.”
In addition, it was stated that P&ID and VR Capital have taken steps in order to obstruct investigations.
“P&ID and VR Capital have taken every possible step to delay or obstruct our investigations into the GSPA, which is inconsistent with their contention that the FRN should have discovered the fraud sooner. The latest revelations are no doubt why P&ID was desperate to conceal the evidence from these proceedings.
“It is telling that P&ID only addresses suspicious payments when confronted by the FRN. If P&ID had nothing to hide in their transactions, they would have come clean earlier. Their evasive moves speak volumes.” It was added.
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