A Chinese investment group which is in a hurry to claim up to $70 million in arbitration awards from Nigeria, has finalised its decision to put two re
A Chinese investment group which is in a hurry to claim up to $70 million in arbitration awards from Nigeria, has finalised its decision to put two residential properties confiscated from the country up for sale on the worldwide online platform, eBay.
Zhongshang Fucheng Industrial Investment Ltd took possession of the two buildings linked to the Nigerian government in Liverpool, United Kingdom, in June 2024, years after Nigeria failed to settle an arbitration judgment handed down in 2021.
The properties located at 15, Aigburth Hall Road, and Beech Lodge, 49, Calderstones Road, Liverpool, were targeted after a December 2021 British Court order gave Zhongshang executives the power to seize Nigerian assets in the UK to retrieve the $70 million payment, which remained outstanding as of August 20, 2024, with two percent monthly interest accruals.
Zhongshang was awarded $55,675,000 plus interest of $9,400,000 and costs of £2,864,445 as of the date of the arbitration verdict on March 26, 2021, court documents said.