Enron unit loses Nigerian yacht claim

A US court has dismissed an appeal by a former Enron unit that tried to stake a claim to the proceeds from the sale of a luxury yacht to settle a debt it’s owed by Nigeria’s Government. US prosecutors initiated a lawsuit four years ago to enable them to seize the 65m vessel and other assets, alleging that Nigerian businessman Kolawole Aluko acquired them through bribery. A report on the Fin24 site notes that federal judges this week upheld a decision made last year that allowed the US Government to assume ownership of $37m generated from the auction of the Galactica Star. Enron Nigeria Power says it’s entitled to more than $22m of the yacht’s sale proceeds. The company is trying to collect on an arbitration award issued against the Nigerian Government for suspending a contract signed with the firm in 1999 to build and operate a power plant.

Full Fin24 report