For
allegedly dumping their part of a
partnership deal to establish a polymer currency printing plant 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 up to four
billion Euros (€4bn) to a Nigerian firm.
They
are to face a €126 million specific
damages for loss of revenue for failure to establish a local polymer plant up
to date; and €1.5 billion euros damages for breach of contracts to carry out
technology transfer to a Nigerian entity or establish a polymer plant in
Nigeria.
This
is the value of what would have been saved if the Australian institution,
through its subsidiary firms, had effectively transferred and domesticated the
technology for the production of polymer currency notes in Nigeria.
The
Australian apex bank and the firms are to
