The two lawyers are not on trial in the civil case, in which Nigeria asked a judge to scrap the arbitration award won by US hedge fund-backed firm Process & Industrial Development Ltd. Photograph: iStockTwo lawyers stand to win as much as $3 billion in a legal battle over one of the biggest known arbitration awards but their careers are at stake if a crucial London verdict goes against them.
P&ID was founded by Irish investors Michael Quinn, a Dublin businessman who used to manage Twink and Dickie Rock; and Brendan Cahill, a Dublin business consultant. Mr Quinn died in 2015.IT Business Person of the Year Barry Connolly: ‘I never really wanted to work for anyone else’Barry Connolly, the man who brought Red Bull and Kopparberg cider to Ireland has just been named the Irish Times Business Person of the Year.
Nigeria is contesting a 2017 award alleging P&ID indulged in bribery of “industrial and epic scale to secure a gas contract in 2010 and win the arbitration after the gas deal failed. An adverse ruling for Nigeria would have a debilitating impact for the largest economy in Africa as the amount equals almost a third of Nigeria’s forex reserves.
“I didn’t regard it as dishonest and improper and I do not regard it as dishonest and improper now,” Mr Burke said in court in response to questions about the fee arrangements. “I was acting for my family.”
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