A London high court began hearings of a lawsuit filed by the Nigerian government against U.S. bank JP Morgan Chase in the controversial Malabu oil scandal.
In the suit, Nigeria is claiming more than U.S.$1.7 billion for the bank's role in the controversial deal.
Reuters reports that Nigeria alleges that JP Morgan was grossly negligent in its decision to transfer funds paid by oil giants Shell and ENI into a third party account controlled by the former oil minister, who also faces charges in the Italian courts.
Shell and Eni have, however, consistently denied being aware that the money would be used for bribes, but a report alleged that senior Shell executives were briefed on how the money would be used.