Chinese Investment Group Plans to Sell Confiscated Nigerian Properties on eBay

A Chinese investment group is set to sell two residential structures on eBay as part of its efforts to recover up to $70 million in arbitration awards from Nigeria. The properties, located in Liverpool, United Kingdom, were confiscated by Zhongshang Fucheng Industrial Investment Ltd after Nigeria failed to settle an arbitration judgment. The Chinese firm was granted the power to seize Nigerian assets in the UK to retrieve the outstanding payment.

The buildings, located at 15 Aigburth Hall Road and 49 Calderstones Road, were targeted after a British court order in December 2021. According to court documents, Zhongshang was awarded $55,675,000 plus interest and costs in March 2021 following a dispute with Ogun State. The Chinese firm alleged that the state violated a trade treaty between Nigeria and China when it rescinded its rights to a free trade zone.

While Nigeria avoided a similar arbitration decision in the past due to corruption allegations, the Zhongshang case has proceeded differently. European courts have already granted enforcement orders in various countries, leading to the tracking down of Nigerian-owned assets. An appellate panel also denied Nigeria sovereign immunity protection in the United States regarding Zhongshang’s recovery efforts.

To expedite the sale of the confiscated properties, Zhongshang intends to list them on global online marketplace eBay. The estimated value of both properties is around $2.2 million. The Chinese investment group believes platforms like eBay could attract willing buyers more quickly than other methods.

Although the properties originally belonged to Nigeria, they were seized as they were not listed as diplomatic or consular assets. Occupants of the buildings are reportedly not associated with the Nigerian mission in the UK. It remains unclear when Nigeria acquired the assets, but a senior judge stated that the properties were regularly rented out to guests.

Zhongshang aims to maintain transparency throughout the sale process to address the public interest of Nigerians. The Chinese company will ensure that the Nigerian people are informed about the amount for which the recovered assets are being sold until the full payment is received.

An FAQ section based on the main topics and information presented in the article:

Q: What is happening with the residential structures in Liverpool?
A: A Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd, is planning to sell two residential structures in Liverpool on eBay as part of its efforts to recover up to $70 million in arbitration awards from Nigeria.

Q: Why were the properties confiscated?
A: The properties were confiscated by Zhongshang after Nigeria failed to settle an arbitration judgment. The Chinese firm was granted the power to seize Nigerian assets in the UK to retrieve the outstanding payment.

Q: What was the dispute between Zhongshang and Nigeria?
A: Zhongshang was awarded $55,675,000 plus interest and costs in March 2021 following a dispute with Ogun State in Nigeria. The Chinese firm alleged that the state violated a trade treaty between Nigeria and China when it rescinded its rights to a free trade zone.

Q: Why are the buildings being sold on eBay?
A: Zhongshang intends to list the confiscated properties on global online marketplace eBay to expedite the sale process. The Chinese investment group believes platforms like eBay could attract willing buyers more quickly than other methods.

Q: Who owns the properties originally?
A: Although the properties originally belonged to Nigeria, they were seized as they were not listed as diplomatic or consular assets. The occupants of the buildings are reportedly not associated with the Nigerian mission in the UK.

Q: How will Zhongshang address the public interest of Nigerians?
A: Zhongshang aims to maintain transparency throughout the sale process and ensure that the Nigerian people are informed about the amount for which the recovered assets are being sold until the full payment is received.

Definitions for key terms or jargon:
– Arbitration: A method of dispute resolution where a neutral third party makes a binding decision on the parties involved.
– Trade treaty: An agreement between two or more countries regarding trade practices and regulations.
– Sovereign immunity: A legal principle that grants immunity to a sovereign state from being sued in the courts of another state.
– Diplomatic or consular assets: Properties owned by a foreign country and used for diplomatic or consular purposes.

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