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Nairaland Forum / Nairaland / General / Politics / P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring (1218 Views)
$9.6b Judgment: P&ID Owner’s Son Reaches Out To FG / Buhari, Not Jonathan To Be Blamed For $9bn Judgement Debt, Says P&ID / DSS Facility Where Sowore Is Allegedly Being Detained (Photos) (2) (3) (4)
P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 11:47am On Aug 31, 2019 |
Down Stephen’s Lane in the south of Dublin city centre, near what used to be Dobbins bistro, an empire sits behind a set of wrought iron gates. It doesn’t look like much from the outside: a small building with bars on the windows and doors. But it is at the epicentre of a $9.6 billion (€8.6 billion) battle with the Nigerian government. It is the Dublin offices of Industrial Consultants (International), which is closely linked to an offshore company, Process & Industrial Development (P&ID), founded by two Irish men, Brendan Cahill and late former showbands manager, Mick Quinn. P&ID won the largest arbitration award in history against Nigeria over a failed 2010 gas deal with its government. Earlier this month, a British court confirmed the award for profits lost on the contract to build a refinery. Nigeria had signed up to provide the gas. The scheme never happened and Quinn and Cahill’s company brought the case, as per their contract, to a London arbitration panel, which awarded them more than 20 years of projected returns. The award accrues more than $1 million per day in interest, and has sparked a political scandal in Nigeria, threatening a fifth of its foreign reserves. Financial backing Even with a UK judgment, how does a company linked to another company down a lane in Dublin collect more than $9 billion from an angry foreign state? It can only do so with huge institutional, legal and financial backing. Even then, the truth is that it will be difficult. But even a slice of such a monstrous cake would be a feast. P&ID, backed by hedge funds and armed to the teeth with lawyers and lobbyists, is now running an insurgent campaign for payment. From a public relations and legal point of view, it has the Nigerians on the run. The African state’s leaders look to be in total disarray. P&ID’s slick campaign is an exemplar of the financial cottage industry that has built up around squeezing debts from sovereign states. Quinn and Cahill are the sort of influential Irish businesspeople who remained largely unknown outside their immediate circles. Quinn, a close associate of the late politician Liam Lawlor and from a working class Dublin city suburb, passed away in 2015 and never got to savour full victory against Nigeria. According to legal documents he submitted to the London arbitration hearing, he first started doing business there in the 1980s in the commodities sector, after he quit the entertainment business. He always kept close links with Albert Reynolds, whom he knew from his time putting on shows in dance halls. Quinn was once charged in Nigeria with allegedly being part of a Russian spy ring, although those charges were later dropped. Together with Cahill, with whom he appears to have hooked up in the 1980s in Industrial Consultants, he worked on deals in Nigeria doing everything from refurbishing tanks to building port infrastructure. Many of their ventures can be traced back ultimately to the house on Stephen’s Lane. Cahill, who is 71 and occasionally speaks on behalf of P&ID, maintained an even lower profile than Quinn. He works as a business consultant and adviser, and once tried to broker a deal to finance an attempted takeover of Switzers department store, now Brown Thomas, in Dublin. Cahill helped to set up the Nigerian Irish Friendship Association in 1989. With Quinn, he became involved in all sorts of business ventures, including Kent Steel, which in the 1990s tried to develop a new steel-making technique using Russian scientists at an ESB plant in Roscommon. The two men also once attempted to broker a deal to allow a Nigerian state oil company take over the Whitegate/Whiddy facility in Cork. In Nigeria, they were partners on scores of industrial projects. ‘Swan song’ After almost 30 years of doing business there, the 2010 gas refinery deal was to have been Quinn’s “swan song” in the country, according to documents from P&ID. But the deal went sour, the regime changed, and the row went legal. It ended up in enforcement proceedings in the UK courts, where P&ID prevailed, and in a US court, where the case is ongoing. Bloomberg has reported that company documents in the British Virgin Islands, where P&ID is located, show that a US hedge fund, VR Capital, has taken a 25 per cent stake in the business. It is likely that VR’s investment is funding P&ID’s campaign. The US Senate lobbying register shows that P&ID has hired a phalanx of law firms and professional lobbyists to help it in an asymmetric fight against the Nigerian state. These include Black Diamond Strategies, whose staff includes former Trump strategist Doug Davenport, sovereign debt fight-specialist DCI Group and Kobre & Kim, the law firm that represents it in court. P&ID has set up slick websites, social media accounts and document resource centres for media that have left its opponent’s paltry PR efforts in the dust. Nigeria says it will appeal the award, and Cahill and the late Mick Quinn have been criticised heavily in the local press. President Muhammadu Buhari has ordered a criminal investigation into the awarding of the 2010 contract, and the country is trying to reassure investors that it is not about to lose 2.5 per cent of its GDP to a gas investor. When developing sovereign states in financial rows come up against determined foes bankrolled by hedge funds, it isn’t always apparent who is David and who is Goliath. https://www.irishtimes.com/business/financial-services/9-6bn-nigerian-claim-shows-perils-for-states-in-rows-with-dogged-foes-1.4001480
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Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 11:55am On Aug 31, 2019 |
Frontpage Lalastiscala. We had government officials that went into an agreement with with P&ID where one of the owners Cahill was once charged in Nigeria with being a member of a Russian spy ring. This is what happens when background checks are not taken seriously. This is the same complacency that was overlooked when prominent members of Buhari cabinet members were appointed to office, despite having fantastically corrupt court cases and government white papers indictment.
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Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by FarahAideed: 11:59am On Aug 31, 2019 |
How does this reverse the court Judgement? How does this stop FG from paying up ? 1 Like |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 12:04pm On Aug 31, 2019 |
After all the garagara, una go pay the money |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Jimasun: 12:11pm On Aug 31, 2019 |
FarahAideed:Oloriburuku ni e. Omo Iran kiran 1 Like 1 Share |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by 1shortblackboy: 12:15pm On Aug 31, 2019 |
kaorama:they don't know waiz goin on 1 Like |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 12:17pm On Aug 31, 2019 |
Jimasun:As much as I hate Buhari's fantastically corrupt government and tyrannical rule. I will never side with foreigners against Nigeria. At the end of the day it is common man that will suffer if we pay P&ID- the corrupt polticians will still be okay and continue to be the highest paid in the world,continue inflating projects cost,collecting bribes,moving their loot in bullion vans. 2 Likes 1 Share |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Jimasun: 12:24pm On Aug 31, 2019 |
ChiefkeefGB4:God bless you. Just look at that ediot I quoted. Despite evidence that this is an organised fraud, the fool is still supporting the firm. Omo ofo 1 Like 2 Shares |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Jimasun: 12:26pm On Aug 31, 2019 |
kaorama:Go and pay the money na |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 12:51pm On Aug 31, 2019 |
1shortblackboy:100 |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 1:22pm On Aug 31, 2019 |
FarahAideed:Thrash 1 Like |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by ORIENTATION101: 1:32pm On Aug 31, 2019 |
10 Kobo those scammers will not see , the case will get messier and will eventually end up as stalemate. The fraudulent contract was signed in Nigeria. So it is under jurisdiction of efcc to carry out thorough investigation to unveil the fifth columnist that want to aid Irish scammers to swindle Nigeria billions of dollars with imaginary project that never existed. I like fact that Nigeria is also approaching US Court too, since everybody want to crazy let us all be . The icing on the cake is the recent collaboration between FBI and EFCC on fraud and wire scam means EFCC can also sought for FBI assistance in investigation of the scammers behind the phony company. PID nonsense will not get any penny from ngieria's purse. 3 Likes 1 Share |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 1:37pm On Aug 31, 2019 |
ORIENTATION101:This is he consequence of Nigeria being a lawless jungle. There has never been any punishment or jail time for government officials for economic treason or corruption despite the fact they have looted $400 billion dollars since 1960. Even if we pay the $9 billions dollars they are a couple of former Head of States(IBB,OBJ,Abdusalami) and Governors(Tinubu,Amaechi,Sylva,Akpabio etc) we can recover the money from if the country was serious in fighting corruption. |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by OlujobaSamuel: 2:51pm On Aug 31, 2019 |
Even though this is a pr work for the FG, It's gradually revealing the details. How can a portfolio company be making this nonsense claim of about $1bn or $10bn for one unknown project. They claimed Addax Petroleum (The coy Ministry of Petroleum agreed to supply the gas) refuses, if that is the case, where was the gas meant to be supplied? Is it to air? There must have been a plant where the gas was meant to move to? If the company(Addax) do not agree to supply before even having the plant, how then was such a contract signed since there was no agreement on whom to supply the product? |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 3:27pm On Aug 31, 2019 |
OlujobaSamuel:The APC officials will want a cut in the deal when they eventually come to a settlement. Based on their antecedents of only thinking about their pockets at the expense of the country, they will negotiate to receive their cuts in tax havens like Cayman Islands,Isle of Man, British Virgin Islands. |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by helinues: 3:29pm On Aug 31, 2019 |
Imagine $1m per day in interest... P&ID are jokers.. They should go and ask for refunds from whoever collected money from them |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by 9jatriot(m): 3:47pm On Aug 31, 2019 |
It was only yesterday I began to understand some of the details. If the so called P&ID have an issue with Addax, why are they suing Nigeria and not Addax? Any why are they not using a court in Nigeria instead of UK? OlujobaSamuel: |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 4:53pm On Aug 31, 2019 |
9jatriot:This whole deal is just a big mess. The Nigerians that sold the country out should be charged. |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Afamed: 5:21pm On Aug 31, 2019 |
FarahAideed:They have bursted una plan ? 1 Like 1 Share
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Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 5:22pm On Aug 31, 2019 |
Afamed: |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 3:02pm On Sep 01, 2019 |
helinues:100 |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by tsdarkside(m): 3:55pm On Sep 01, 2019 |
good....next is to investigate VR Capital.... shey you nigerians see now how names that we never heared of start poppin up....?? 1 Like 2 Shares |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by tsdarkside(m): 3:57pm On Sep 01, 2019 |
Jimasun: let him pay it from his own pocket.... 1 Like 1 Share |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 4:06pm On Sep 01, 2019 |
tsdarkside:The Irish Times is exposing them because Ireland has nothing to gain if P&ID get payed. They are registered in British Virgin Islands a tax haven- the owners and their Nigerian collaborators will not pay any tax. 1 Like 1 Share |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by aolawale025: 4:14pm On Sep 01, 2019 |
Some investigative work here Looks like a scam in the works. Nigeria shine your eyes |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 4:33pm On Sep 01, 2019 |
aolawale025:Nigerian leaders sold us out. Don't be surprised to wake up one day to find out Nigeria has been sold, |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by tsdarkside(m): 5:08pm On Sep 01, 2019 |
ChiefkeefGB4: we have to dig deeper and deeper....international cooperate world is corrupt as a morafvcker anyways.... 9billion my foot.... f them...!! 1 Like 1 Share |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 5:12pm On Sep 01, 2019 |
tsdarkside:They are economic hitmen, who found Nigerian government officials willing to commit treason to swindle the country. The $9 billion will still be looted by Nigeria's fantastically corrupt politians if we don't pay P&ID, but at least some of the loot will trickle down to some of the masses. 1 Share
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Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by tsdarkside(m): 5:31pm On Sep 01, 2019 |
ChiefkeefGB4: yes....lets minimize the damage.... |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 3:45am On Sep 02, 2019 |
tsdarkside:We are on the same side. |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 2:22pm On Sep 02, 2019 |
tsdarkside: |
Re: P&ID Owner Once Charged In Nigeria Allegedly Being Part Of Russian Spy Ring by Nobody: 2:35pm On Sep 02, 2019 |
It is going to get messy when they try to negiotiate the payment. APC officials will want their own cut and want a SPV(Special Purpose Vehicle) created to make the payment and help distribute their shares to secret bank accounts in tax havens. |
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