{"id":1851,"date":"2024-08-22T11:23:41","date_gmt":"2024-08-22T11:23:41","guid":{"rendered":"https:\/\/panoramanews.com.ng\/?p=1851"},"modified":"2024-08-22T11:25:50","modified_gmt":"2024-08-22T11:25:50","slug":"zhongshang-strikes-again-as-chinese-company-seizes-nigerias-57m-jet-in-canada-court-rejects-immunity-claim","status":"publish","type":"post","link":"https:\/\/panoramanews.com.ng\/index.php\/2024\/08\/22\/zhongshang-strikes-again-as-chinese-company-seizes-nigerias-57m-jet-in-canada-court-rejects-immunity-claim\/","title":{"rendered":"Chinese company,  Zhongshang strikes again, seizes Nigeria&#8217;s $57m jet in Canada as court rejects immunity claim"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-1852\" src=\"https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2024\/08\/Screenshot_20240822-121847-300x177.jpg\" alt=\"\" width=\"300\" height=\"177\" srcset=\"https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2024\/08\/Screenshot_20240822-121847-300x177.jpg 300w, https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2024\/08\/Screenshot_20240822-121847.jpg 701w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>By Amah<\/p>\n<p>Kindly share:<\/p>\n<p>Zhongshang Fucheng Industrial Investment Ltd, the Chinese firm, which is embroiled in a legal dispute with Nigeria, has again seized a luxury jet owned by the Nigerian government in Canada.<\/p>\n<p><span style=\"font-weight: 400;\">Zhongshang had won a $75 million claim over the termination of a contractual agreement it had with the Ogun State government.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company is determined to keep seizing Nigerian assets worldwide until it is fully paid the arbitration awards.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It has recently secured a French court order authorising the confiscation of three presidential jets, belonging to Nigeria although it later released one to enable President Bola Tinubu to travel to France for a meeting with Emmanuel Macron, the French<\/span> president.<\/p>\n<p><span style=\"font-weight: 400;\">Following the court judgment in favour of Zhongshang the Bombardier BD-700-1A10 aircraft, valued at $57 million, was repossessed by Canadian authorities in Montreal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sources say the change of custodian paperwork was finalised recently, months after a Canadian court granted orders for Zhongshang to seize the jet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A source familiar with the matter said: \u201cThe court granted orders for Zhongshang to seize the plane earlier this year, but the change of custody from Nigeria to Zhongshang was only recently concluded.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cZhongshang will not stop seizing Nigeria\u2019s assets worldwide until the last cent of the arbitration awards has been paid.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The luxury jet was originally purchased by fugitive Dan Etete, who netted over $350 million from the alleged corrupt sale of the OPL 245 oil field in 2010.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0Nigeria seized the aircraft from Etete in 2016 and held it in Dubai before it was flown to Canada in 2020, where Nigeria quickly obtained a court order for seizure and held it at the main airport in Montreal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Zhongshang moved to seize the jet in 2023, as part of its efforts to enforce arbitration awards of over $70 million against Nigeria.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Judge David Collier of the Superior Court of Quebec ruled in favour of Zhongshang, rejecting Nigeria\u2019s arguments and sovereign immunity claim, as the recent arbitration in the UK has held.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nigeria still insists that it had not done anything wrong despite losing all legal challenges against Zhongshang in at least five countries.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Amah Kindly share: Zhongshang Fucheng Industrial Investment Ltd, the Chinese firm, which is embroiled in a legal dispute with&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[526],"class_list":["post-1851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-news","tag-zhongshang-fucheng-industrial-investment-ltd"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese company, Zhongshang strikes again, seizes Nigeria&#039;s $57m jet in Canada as court rejects immunity claim 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