Did a British Virgin Islands [BVI] company obtain contracts through bribes
Nigeria has gone to court to contest the 2017 arbitration ruling –– which, with interest, has now almost doubled to $11 billion –– arguing that it shouldn't have to pay since Process & Industrial Developments Limited (P&ID), registered in the British Virgin Islands, obtained the contract through bribing government officials.
P&ID denies any bribery in the gas contract. A decision is expected within weeks
The co-founder of an offshore firm that won a controversial $6.6 billion arbitration award after arguing that Nigeria failed to fulfil an energy contract HAS ADMITTED in a London court that the company and its affiliates had previously engaged in financial misconduct and deception –– including unexplained payments to senior officials, and falsifying invoices
The case has generated headlines worldwide, but the testimony from the eight-week trial in London sheds unprecedented light on apparent bribery and other questionable business practices by P&ID and its sister company, Industrial Consultants International Limited (ICIL).
Under intense cross-examination by Nigeria’s lawyer, P&ID figures addressed two decades of alleged wrongdoing in the West African nation, including but not limited to the gas dispute.
They testified that employees gained access to privileged government documents, moved undeclared cash across borders, sought to influence a witness, tried to destroy evidence, and did business with individuals they knew to have previously paid bribes.
Read the story here - https://www.occrp.org/en/blog/17598-p-id-scandal-insiders-from-shell-company-embroiled-in-11-billion-corruption-case-admit-misconduct
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