The hearing followed the major victory secured by FRN last Friday, allowing it to bring a fraud challenge against a $10 billion arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.
In a statement on Thursday from the office of Attorney General of the Federation, Nigeria will now proceed to a full fraud trial. The hearing Thursday was held to decide procedural and costs issues relating to the FRN’s applications to challenge the arbitration award and to determine the short term directions to trial.
The sitting Judge of the High Court, Cranston J ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs the FRN incurred as part of their successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.
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