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Austrailian Apex bank, Firms To Face N1.6bn Euro Charges Over Polymer Currency Deal In Nigeria

The Reserve Bank of Australia and two other firms, Securency Private Limited and Innovia Films Limited, all based in Australia, may pay damages of 1.6 billion euros (N322.74 billion) to a Nigerian firm for allegedly neglecting part of a partnership deal to establish a polymer currency printing plant in Nigeria.

This follows a judgment by an Abuja High Court granting the order to the Nigerian partners, Global Secure Currency, to serve them writ of summons.

Justice Goodluck, had, in a July 2, 2014 ruling granted Benoy Berry and Global Secure Currency Limited order Nigeriato serve the writ of summons on the three Australian based firms, including Securency Private Limited, Reserve Bank of Australia and Innovia Films Limited, to appear in court and defend allegations pertaining to breach of contract agreement for the transfer of polymer technology and establishing a polymer based mint in Nigeria.

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