Settlement with SHI on $300m FTZ facility subject to our terms – LADOL

Lagos Deep Offshore Logistics (LADOL) Group is willing to settle with Samsung Heavy Industries (SHI) over ownership of the $300 million integration and fabrication yard at the Lagos Free Trade Zone (FTZ), only on its terms.

Counsel to LADOL and its free zone management, Prof. Fidelis Oditah, said this while addressing newsmen in Lagos yesterday. But SHI had already issued a notice of contempt proceedings against certain directors of the LADOL zone management, saying its operating licence was not renewed and consequently it was unable to access the LADOL free zone.

The publication of the contempt proceedings followed a publication to the effect that the court had restrained LADOL zone management from violating SHI MCI FZE’s operating licence. Oditah however said:”The temporary restraining order granted by the court on July 31, 2018 was discharged by the court on August 14, 2018.”

Source: The Guardian

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