Business Deal Gone Bad: Nigerian Firm Sues Australian Central Bank, Others for €1.6bn

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For failing to fulfil their part of a partnership deal to establish a polymer currency printing plant in Nigeria, the Reserve Bank of Australia and two other firms, may pay damages of up to €1.5bn to a Nigerian firm.

Excerpt from Daily Independent:

The Reserve Bank of Australia and two firms, Securency Private Limited and Innovia Films Limited, all based in Australia, have been sued before an Abuja High Court over alleged breach of pact on a polymer plant deal in Nigeria.

The foreign firms were sued by their Nigerian partners – Benoy Berry and Global Secure Currency Limited.

According to the court processes, it was alleged that the foreign firms dumped the part of a partnership deal to establish a polymer currency printing plant in Nigeria.

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