A Chinese investment company, Zhongshang Fucheng, has successfully repossessed a luxurious Bombardier 6000 jet owned by Nigeria in Canada, valued at $57 million. This move marks the latest in a series of global asset seizures by the firm, which has already confiscated Nigerian assets in the UK, France, and Canada.<\/p>\n
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A Canadian court granted Zhongshang permission to seize the jet earlier this year, and the change of custodian paperwork was recently finalized, transferring ownership from Nigeria to the Chinese firm.<\/p>\n
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The judge also rejected Nigeria\u2019s sovereign immunity claim along the lines already itemised by the arbitration panel and courts in the United Kingdom. An appellate court in the United States also recently ruled that Nigeria cannot claim sovereign immunityfrom Zhongshang\u2019s recovery of its arbitration judgment.<\/p>\n
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With the Bombardier luxury aircraft now in its possession, Zhongshang has successfully seized Nigeria\u2019s assets in the UK, France and Canada, where the country\u2019s guest houses, presidential jets and the Etete jet have been confiscated, respectively \u2014 with potentially more seizures expected in Belgium and the U.S. in the coming weeks.<\/p>\n
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Zhongshang vows to continue seizing Nigerian assets worldwide until the full amount of arbitration awards is paid. The firm is enforcing its rights following a botched free trade zone contract in Ogun State, which has led to a prolonged legal battle.<\/p>\n
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Nigeria has lost all challenges against Zhongshang in at least five countries, with courts rejecting sovereign immunity claims. The country maintains no wrongdoing in the lawsuits, despite the series of confiscations.<\/p>\n
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Zhongshang has seized Nigerian assets in multiple countries, including the UK, France, and Canada. Further seizures are expected in Belgium and the US. Nigeria and Ogun State are attempting to resolve the matter with Zhongshang, but no progress has been made since initial meetings in London.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Chinese investment company, Zhongshang Fucheng, has successfully repossessed a luxurious Bombardier 6000 jet owned by Nigeria in Canada, valued at $57 million. This move marks the latest in a series of global asset seizures by the firm, which has already confiscated Nigerian assets in the UK, France, and Canada. A Canadian court granted […]<\/p>\n","protected":false},"author":1,"featured_media":143620,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[505],"class_list":{"0":"post-143615","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-nigerian-seized-jet"},"yoast_head":"\n