Judge OKs Bid Targeting Asset Manager In $9.8B Award Fight

By Caroline Simson (May 15, 2020, 8:39 PM EDT) -- A New York judge has granted Nigeria's petition to subpoena a Manhattan asset manager to aid the country's prosecution of former government officials who allegedly accepted bribes from a British Virgin Islands engineering firm, which later won a $9.8 billion arbitral award against the country.

U.S. District Judge Paul A. Engelmayer signed off on the ex parte petition on Thursday, allowing Nigeria to seek discovery from VR Advisory Services Ltd., which acquired a 25% stake in Process and Industrial Developments Ltd. in 2018, and related entities and individuals.

Nigeria told the court in its May 12 petition that it was trying...

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