Oil mogul, Prince Arthur Eze will reportedly pay One million pounds in damages to a Briton for withdrawing out of a 5 million pounds deal to purchase their seven bed London Mansion after paying a 10 percent deposit.
Online reports said Eze, who is the Chairman of Atlas Petroleum International and Oranto Petroleum, exchanged contracts with Richard and Deborah Conway on their seven bedroom mansion in North London in 2015.
He is said to have agreed to pay them £5m, but the deal was “aborted” before completion, London’s High Court heard.
The couple went on to sell the property to another buyer for £4.2m and later moved into a new £2.9m home in Great Shelford, Cambridgeshire.
According to the Online report, the Conways,sued the Anambra-born Philanthropist claiming that the family was left stranded on the property ladder when Eze pulled out of buying their mansion, sued him for £1.8m.
They claimed damages over the lower price their house sold for and the extra costs they faced in pushing through their move to the country.
Despite efforts made by the counsel to Eze na Ukpo to convince the Judge on why the deal was never consummated, Judge Andrew Keyser held that the deal was binding and awarded the Conway’s more than £1m in compensation for the losses and expenses caused by Eze’s pull-out.
The Judge in his ruling declares, “Prince Eze had signed…the only contractual term that remained outstanding was the completion date.”
Meanwhile an earlier deposited £500,000 by Prince Eze according to the judge would count towards the damages payment