PUNCH
Zhongshan Fucheng Industrial Investment Co. Limited, the Chinese firm that got a court injunction to ground three presidential jets belonging to the Federal Government in Europe, has initiated plans to seize other Nigerian assets in the United Kingdom, United States of America and in six other countries, The PUNCH has learnt.
The PUNCH also learnt that the company had instituted legal proceedings in about eight jurisdictions globally, regarding the dispute.
The other countries include Belgium, Canada, France, Singapore and the British Virgin Islands, documents relating to the case, which were obtained by our correspondent, were revealed on Thursday.
This comes as the Federal Government vowed to protect its foreign assets from “predators.”
There has been serious controversy following reports that the Chinese company got judgement to ground three presidential jets belonging to the Federal Government.
In 2001, China and Nigeria signed a bilateral investment treaty aimed at promoting commercial investment between the two countries.
In 2007, Ogun State reportedly entered into a joint venture agreement with a Chinese company and another company to create the Ogun Guangdong Free Trade Zone Company. The Nigeria Export Processing Zones Authority, a Federal Government entity that oversees free-trade zones in Nigeria, then delegated control and operation of the free-trade zone to the company.
In 2010, the Ogun Guangdong Free Trade Zone Company contracted with Zhongshan’s parent company to develop an industrial park in the free-trade zone. The goal was for Zhongshan’s parent company to develop the park and build factories in it for tenants to use.
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