Zhongshan Fucheng Industrial Investment Co. Ltd, a Chinese company, has agreed to release one of the three presidential jets seized over a contract dispute with the Ogun State government.
According to a spokesperson for the company, “Zhongshan has consistently sought to act reasonably and fairly in the course of a legal dispute with Nigeria which was not of its making.”
The company’s gesture comes after a French court ordered the seizure of the jets as “security for its claim of EUR 74,459,221”.
But with President Bola Tinubu’s scheduled meeting with French President Emmanuel Macron looming, Zhongshan has lifted the seizure on one of the jets, an Airbus A330.
“As a gesture of goodwill, Zhongshan has lifted the seizure of that aircraft immediately. This will allow it to be used for the President’s trip,” the spokesperson said.
The company, however, did not disclose when the other two seized jets would be released.
The dispute began in 2010 when Zhongshan acquired the rights to develop a free trade zone in Ogun state. But things took a different turn in July 2016 when the investor accused the state government of abruptly moving to terminate its appointment.
Following the termination, Zhongshan initiated legal action against the state government, seeking damages for what it claimed was a breach of contract. A French court eventually ruled in favour of Zhongshan, awarding the company approximately US$74.5 million in compensation.
When the Ogun State government failed to pay the awarded sum, Zhongshan obtained a court order allowing it to seize the three presidential jets as collateral for the debt.
The aircraft—identified as a Dassault Falcon 7X, a Boeing 737-7N6/BBJ, and an Airbus A330-243—were reportedly impounded while undergoing maintenance in Switzerland.
The jets are currently being held at Paris-Le Bourget and Basel-Mulhouse airports.
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