Nigeria Targets NY Asset Manager In $9.6B Award Fight

By Caroline Simson (May 13, 2020, 7:48 PM EDT) -- Nigeria has opened another front in its bid to prove that a British Virgin Islands engineering firm paid bribes to secure a lucrative government contract that led to a $9.6 billion arbitral award, targeting a Manhattan asset manager that acquired an interest in the firm in 2018.

The country on Tuesday urged a New York court to allow it to subpoena VR Advisory Services Ltd. for the due diligence it undertook before deciding to acquire a 25% stake in Process and Industrial Developments Ltd. The petition follows a similar bid granted earlier this month, in which the country was looking to...

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