September 26, 2019 / 2:14 PM / 23 days ago

UK judge to allow Nigeria to appeal ruling on $9.6 bln P&ID case

LONDON, Sept 26 (Reuters) - A UK judge on Thursday gave Nigeria permission to seek to overturn a ruling that would have allowed a private firm to seek to seize more than $9 billion in assets.

The judge also granted Nigeria’s request for a stay on any asset seizures while its legal challenge is pending, but ordered it to pay $200 million to the court within 60 days to ensure the stay.

The original decision on Aug. 16 converted an arbitration award held by firm Process & Industrial Developments (P&ID) to a legal judgment, which would allow the British Virgin Islands-based firm to try to seize international assets. (Reporting by Karin Strohecker, writing by Libby George; Editing by Alison Williams)

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