A Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd, is set to list two residential properties seized from Nigeria on eBay for $2.2 million.<\/p>\n
The move follows the company\u2019s ongoing efforts to recover up to $70 million from Nigeria, stemming from an arbitration judgment awarded in 2021.<\/p>\n
Zhongshang took control of the properties, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road, Liverpool, in June 2024. <\/p>\n
This action came after a December 2021 British court ruling that permitted Zhongshang to seize Nigerian assets in the UK to enforce a $70 million arbitration award, which remains unpaid with accrued interest as of August 20, 2024.<\/p>\n
The dispute originated from a 2001 trade treaty violation involving Ogun State, which rescinded Zhongshang\u2019s rights to a free trade zone in 2016.<\/p>\n
Zhongshang initiated arbitration in the UK in 2018, alleging due process violations by Nigerian authorities.<\/p>\n
The seizure of these properties follows a similar arbitration case involving P&ID, where Nigeria narrowly avoided a significant financial penalty. <\/p>\n
Unlike the P&ID case, which was dismissed due to bribery allegations, Zhongshang\u2019s case has seen European courts grant enforcement orders in multiple countries, with assets being tracked and seized.<\/p>\n
A consultant for Zhongshang revealed that the company is preparing to sell the Liverpool properties, with plans to list them on eBay at a combined value of $2.2 million. <\/p>\n
The properties, which were not classified as Nigerian diplomatic assets, have been used for commercial purposes and were not linked to Nigeria\u2019s mission in the UK.<\/p>\n
Master Lisa Sullivan of the UK High Court affirmed in June 2024 that the enforcement action against these properties was valid, given their use for commercial leasing. <\/p>\n
Zhongshang has committed to transparency throughout the sale process, ensuring public awareness of the proceedings and the recovery of assets.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd, is set to list two residential properties seized from Nigeria on eBay for $2.2 million. The move follows the company\u2019s ongoing efforts to recover up to $70 million from Nigeria, stemming from an arbitration judgment awarded in 2021. Zhongshang took control of the properties, located at […]<\/p>\n","protected":false},"author":1,"featured_media":143506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[480,481],"class_list":["post-143505","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","tag-nigerian-guest-houses","tag-zhongshang-fucheng-industrial"],"yoast_head":"\n