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JUST IN: Chinese investors take over Nigeria’s guest houses in Liverpool, to sell on eBay for $2.2 million

Zhongshang Fucheng has intensified steps to seize Nigeria’s assets in Europe and North America to collect up to $70 million from a 2021 arbitration verdict.


A Chinese investment group racing to recover up to $70 million in arbitration awards from Nigeria has concluded plans to list two residential structures it confiscated from the country for sale on global online marketplace eBay, Peoples Gazette was told by people familiar with the arrangement.

Zhongshang Fucheng Industrial Investment Ltd took possession of two buildings linked to the Nigerian government in Liverpool, United Kingdom, in June 2024, years after Nigeria failed to settle an arbitration judgement handed down in 2021, The Gazette learnt.

The properties, 15, Aigburth Hall Road, Liverpool and Beech Lodge, 49, Calderstones Road, Liverpool, were targeted after a December 2021 British court order gave Zhongshang executives the power to seize Nigerian assets in the UK to retrieve the $70 million payment, which remained outstanding as of August 20, 2024, with two per cent monthly interest accruals.

Zhongshang was awarded $55,675,000 plus interest of $9,400,000 and costs of £2,864,445 as of the date of the arbitration verdict on March 26, 2021, court documents said. The case stemmed from a dispute between Zhongshang and Ogun State. The firm said the state violated a 2001 trade treaty between Nigeria and China when its rights to a free trade zone were rescinded in 2016.

The company dragged Nigeria before the arbitration panel in the UK in 2018, alleging that Nigeria allowed its federal organs like the police, immigration and export processing authority to be deployed by Ogun State without due process. Court documents said two Zhongshang executives were expelled from Nigeria between mid and late 2016 after one of them had allegedly been detained and tortured by the police.

The case has once again thrown Nigeria into confusion, barely months after the country luckily escaped a similar arbitration decision that awarded over $11 billion to a consortium called P&ID. The arbitration verdict was thrown out after it was later discovered that P&ID owners were involved in bribery and corruption.

However, the Zhongshang case appeared different, with several European courts already granted enforcement orders in the UK, Belgium, France and other countries, where Nigerian-owned jets and other assets are being tracked down. An appellate panel recently declined to grant Nigeria sovereign immunity protection over Zhongshang’s recovery efforts in the United States.

A consultant working with Zhongshang said the company has been working to put the two Liverpool houses up for sale, including on eBay, where the source said up to $2.2 million would be asked for both.

“They said the value of both properties should be around $2.2 million, so they already put together a plan to sell them to willing buyers,” the consultant said under anonymity to discuss client deliberations. “Some websites like eBay might bring buyers faster than other methods.”

Even though the properties belonged to Nigeria, they were seized because they weren’t listed as Nigerian diplomatic or consular assets. The Gazette learnt that those currently occupying the properties had no ties to the Nigerian mission in the UK. It was unclear when Nigeria bought the assets, but a senior judge said its officials had regularly rented out both places to guests.

In her June 14, 2024, ruling allowing Zhongshang to seize the buildings from Nigeria, Master Lisa Sullivan of the UK High Court, King’s Bench Division, said: “The properties are currently used for the purpose of leases to residential tenants unconnected with Nigeria and its mission. Those are commercial purposes for the purpose of s13(4) of the SIA and therefore the enforcement against the properties is not barred by state immunity.”

The source said the sale wouldn’t be done in secret because the Nigerian people deserved to know how much all recovered assets were being sold until the full amount had been recovered.

“Zhongshang promised to be transparent with the sale because of the keen public interest of Nigerians in the matter,” the consultant added.

RuggedBiafran:
Nlfpmod
Fergie001

Good Day..

Promise land

Botragelad:
China Town

Typicool8:
See as this useless old men are bringing shame upon the once feared giant of Africa.
They now turned giants into dwarfs and a laughing stock.

CyrusVI:
Amosun really drag us no be small

It wont be sold tho, FG will resolve the whole thing and everybody will move on

Just surprised to see how long its taking them to come to a resolution on this

RuggedBiafran:
Just imagine if this was a SE State.

Punch
TVC
Tribune
PM NEWS
The Nation Newspaper
Internet Propagandist
Reno O'fuckery
Bayo Onanuga


They are just super plenty sef. They will be resourcefully shouting and telling their Northern Masters how SE is the problem of NIGERIA.

Breeze don Blow badly... CROCODILE mouth don OPEN

God is not MOCKED...

Typicool8:
Well, the fact is, I am Yoruba but this contraption should just divide and everyone should be on their own cos Nigeria as an experiment is not working.

RuggedBiafran:

JUST IN: Chinese investors take over Nigeria’s guest houses in Liverpool, to sell on eBay for $2.2 million


Zhongshang Fucheng has intensified steps to seize Nigeria’s assets in Europe and North America to collect up to $70 million from a 2021 arbitration verdict.

ADEFEMOLA AKINTADE • August 21, 2024
A Chinese investment group racing to recover up to $70 million in arbitration awards from Nigeria has concluded plans to list two residential structures it confiscated from the country for sale on global online marketplace eBay, Peoples Gazette was told by people familiar with the arrangement.

Zhongshang Fucheng Industrial Investment Ltd took possession of two buildings linked to the Nigerian government in Liverpool, United Kingdom, in June 2024, years after Nigeria failed to settle an arbitration judgement handed down in 2021, The Gazette learnt.

The properties, 15, Aigburth Hall Road, Liverpool and Beech Lodge, 49, Calderstones Road, Liverpool, were targeted after a December 2021 British court order gave Zhongshang executives the power to seize Nigerian assets in the UK to retrieve the $70 million payment, which remained outstanding as of August 20, 2024, with two per cent monthly interest accruals.

Zhongshang was awarded $55,675,000 plus interest of $9,400,000 and costs of £2,864,445 as of the date of the arbitration verdict on March 26, 2021, court documents said. The case stemmed from a dispute between Zhongshang and Ogun State. The firm said the state violated a 2001 trade treaty between Nigeria and China when its rights to a free trade zone were rescinded in 2016.

The company dragged Nigeria before the arbitration panel in the UK in 2018, alleging that Nigeria allowed its federal organs like the police, immigration and export processing authority to be deployed by Ogun State without due process. Court documents said two Zhongshang executives were expelled from Nigeria between mid and late 2016 after one of them had allegedly been detained and tortured by the police.

The case has once again thrown Nigeria into confusion, barely months after the country luckily escaped a similar arbitration decision that awarded over $11 billion to a consortium called P&ID. The arbitration verdict was thrown out after it was later discovered that P&ID owners were involved in bribery and corruption.

However, the Zhongshang case appeared different, with several European courts already granted enforcement orders in the UK, Belgium, France and other countries, where Nigerian-owned jets and other assets are being tracked down. An appellate panel recently declined to grant Nigeria sovereign immunity protection over Zhongshang’s recovery efforts in the United States.

A consultant working with Zhongshang said the company has been working to put the two Liverpool houses up for sale, including on eBay, where the source said up to $2.2 million would be asked for both.

“They said the value of both properties should be around $2.2 million, so they already put together a plan to sell them to willing buyers,” the consultant said under anonymity to discuss client deliberations. “Some[b] websites like eBay might bring buyers faster than other methods.[/b]”

Even though the properties belonged to Nigeria, they were seized because they weren’t listed as Nigerian diplomatic or consular assets. The Gazette learnt that those currently occupying the properties had no ties to the Nigerian mission in the UK. It was unclear when Nigeria bought the assets, but a senior judge said its officials had regularly rented out both places to guests.

In her June 14, 2024, ruling allowing Zhongshang to seize the buildings from Nigeria, Master Lisa Sullivan of the UK High Court, King’s Bench Division, said: “The properties are currently used for the purpose of leases to residential tenants unconnected with Nigeria and its mission. Those are commercial purposes for the purpose of s13(4) of the SIA and therefore the enforcement against the properties is not barred by state immunity.”

The source said the sale wouldn’t be done in secret because the Nigerian people deserved to know how much all recovered assets were being sold until the full amount had been recovered.

“Zhongshang promised to be transparent with the sale because of the keen public interest of Nigerians in the matter,” the consultant added


https://gazettengr.com/just-in-chinese-investors-take-over-nigerias-guest-houses-in-liverpool-to-sell-on-ebay-for-2-2-million/

RZArecta:
BLOOOOOD OF NEBUCHADNEZZAR I thought bulaba bastàrds were defending Amosu the other day ? They even insulted the hell out of Pat Utomi who lost a 200 million naira investment due to this same executive recklessness while declaring their idol innocent so which one come be ebay again ? Anything APC cannot destroy or disgrace does not exist I swear so you people should get ready for more asset seizures

Ps. Amosu is capable of paying that $70m from pocket even if it's a percentage while Ogun state clears the rest and collects balance from his pensions and entitlements as ex governor. There's no reason why the FG and or other federatiing units have to bear the burden of someone's executive brainlessness. He should fûcking pay, he has the money abeg

RuggedBiafran:

JUST IN: Chinese investors take over Nigeria’s guest houses in Liverpool, to sell on eBay for $2.2 million


Zhongshang Fucheng has intensified steps to seize Nigeria’s assets in Europe and North America to collect up to $70 million from a 2021 arbitration verdict.

ADEFEMOLA AKINTADE • August 21, 2024
A Chinese investment group racing to recover up to $70 million in arbitration awards from Nigeria has concluded plans to list two residential structures it confiscated from the country for sale on global online marketplace eBay, Peoples Gazette was told by people familiar with the arrangement.

Zhongshang Fucheng Industrial Investment Ltd took possession of two buildings linked to the Nigerian government in Liverpool, United Kingdom, in June 2024, years after Nigeria failed to settle an arbitration judgement handed down in 2021, The Gazette learnt.

The properties, 15, Aigburth Hall Road, Liverpool and Beech Lodge, 49, Calderstones Road, Liverpool, were targeted after a December 2021 British court order gave Zhongshang executives the power to seize Nigerian assets in the UK to retrieve the $70 million payment, which remained outstanding as of August 20, 2024, with two per cent monthly interest accruals.

Zhongshang was awarded $55,675,000 plus interest of $9,400,000 and costs of £2,864,445 as of the date of the arbitration verdict on March 26, 2021, court documents said. The case stemmed from a dispute between Zhongshang and Ogun State. The firm said the state violated a 2001 trade treaty between Nigeria and China when its rights to a free trade zone were rescinded in 2016.

The company dragged Nigeria before the arbitration panel in the UK in 2018, alleging that Nigeria allowed its federal organs like the police, immigration and export processing authority to be deployed by Ogun State without due process. Court documents said two Zhongshang executives were expelled from Nigeria between mid and late 2016 after one of them had allegedly been detained and tortured by the police.

The case has once again thrown Nigeria into confusion, barely months after the country luckily escaped a similar arbitration decision that awarded over $11 billion to a consortium called P&ID. The arbitration verdict was thrown out after it was later discovered that P&ID owners were involved in bribery and corruption.

However, the Zhongshang case appeared different, with several European courts already granted enforcement orders in the UK, Belgium, France and other countries, where Nigerian-owned jets and other assets are being tracked down. An appellate panel recently declined to grant Nigeria sovereign immunity protection over Zhongshang’s recovery efforts in the United States.

A consultant working with Zhongshang said the company has been working to put the two Liverpool houses up for sale, including on eBay, where the source said up to $2.2 million would be asked for both.

“They said the value of both properties should be around $2.2 million, so they already put together a plan to sell them to willing buyers,” the consultant said under anonymity to discuss client deliberations. “Some[b] websites like eBay might bring buyers faster than other methods.[/b]”

Even though the properties belonged to Nigeria, they were seized because they weren’t listed as Nigerian diplomatic or consular assets. The Gazette learnt that those currently occupying the properties had no ties to the Nigerian mission in the UK. It was unclear when Nigeria bought the assets, but a senior judge said its officials had regularly rented out both places to guests.

In her June 14, 2024, ruling allowing Zhongshang to seize the buildings from Nigeria, Master Lisa Sullivan of the UK High Court, King’s Bench Division, said: “The properties are currently used for the purpose of leases to residential tenants unconnected with Nigeria and its mission. Those are commercial purposes for the purpose of s13(4) of the SIA and therefore the enforcement against the properties is not barred by state immunity.”

The source said the sale wouldn’t be done in secret because the Nigerian people deserved to know how much all recovered assets were being sold until the full amount had been recovered.

“Zhongshang promised to be transparent with the sale because of the keen public interest of Nigerians in the matter,” the consultant added


https://gazettengr.com/just-in-chinese-investors-take-over-nigerias-guest-houses-in-liverpool-to-sell-on-ebay-for-2-2-million/

nabiz:
Ogun state disgrace Nigeria from Adam. Everyone in that state should be sold for solve with hard labour to pay for these geese. Imagine if it was Abia state.

Racoon:
God deliver Nigeria from all the shame and disgrace this govt is bring upon this nation. These embarrassments are just too much.