A French court has ruled in favour of a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, and granted the seizure of three presidential jets belonging to the Nigerian government.
The Tribunal Judiciaire de Paris stopped Nigeria from moving or selling the presidential jets until the Chinese firm received the awarded $74.5 million.
The court allowed the company to seize three presidential jets on routine maintenance in France as “security” for claims in a decades-long judicial matter between the foreign company and the Ogun State government.
According to reports, the seized presidential jets include a Dassault Falcon 7X at Le Bourget airport in Paris, a Boeing 737, and an Airbus 330 at Basel-Mulhouse airport in Switzerland.
Back in 2007, the foreign firm signed a contract with the Ogun State government to manage a free-trade zone but the contract was revoked by the state government in 2015.
Displeased, Zhongshan initiated an investment treaty arbitration against Nigeria under the bilateral investment treaty between the People’s Republic of China and Nigeria (the China-Nigeria BIT).
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