An $11.1bn arbitration award which ‘should not have come into existence’ has been set aside by the High Court. Refusing oil and gas company Process & Industrial Development leave to appeal in Nigeria v P&ID, Mr Justice Robin Knowles acknowledged ‘it is a major thing’ for arbitration awards to be set aside. However he concluded that all three grounds had no real prospect of success.
The appeal attempt followed the government of Nigeria’s victory in dismissing an arbitration award over an oil and gas contract obtained by ‘fraud and bribery’. P&ID argued that it had ‘at least a real prospect’ of success in establishing that the court was wrong to uphold Nigeria’s challenge. Its grounds of appeal were based on perjury irregularity, bribery irregularity and documents irregularity.
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