MK254
JF-Expert Member
- May 11, 2013
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Kuna wakati mlinyang'anywa ndege kwa ajili ya mambo kama haya, sijui huwa mnanasa vipi kwenye mitego kama hii kizembe. Halafu la kushangaza kutwa mnatusimanga kuhusu Wachina, sisi hadi leo hatujapokonywa chochote.
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The International Centre for Settlement of Investment Disputes (ICSID) ad hoc committee has upheld a $148.4 million award won by Standard Chartered Bank Hong Kong against Tanzania Electricity Supply Company (Tanesco). vIn its decision, the court, under President Claus von Wobeser, rejected several grounds submitted by Tanesco seeking an annulment of the award.
The decision, a copy of which The Citizen has, upheld an initial decision in which Tanesco must now pay the Hong Kong arm of Standard Chartered Bank a staggering $148.4 million (about Sh336 billion on the prevailing Bank of Tanzania exchange rate) owed under a power agreement.
Both Tanesco managing director, Dr Tito Mwinuka, and the spokesperson for the Attorney General’s Officer, Ms Maura Mwingira, said they were unaware of the decision yesterday.
According to the ICSID committee, the decision dated August 2, 2018 was reached after members unanimously decided that the application for annulment of the award, rendered on September 12, 2016 by Tanesco had to be dismissed in its entirety.
Members of the ICSID ad hoc committee include president Claus von Wobeser, Dr Christoph Schreuer, Ms Bertha Cooper-Rousseau and Secretary Ms Aurélia Antonietti while the assistant to the president of the ad hoc committee is Ms Montserrat Manzano.
The committee also decided that Tanesco shall bear the entire costs of the proceedings, including fees and expenses of the members of the committee while each party shall bear its own legal costs.
Sh336bn award verdict against Tanesco upheld
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The International Centre for Settlement of Investment Disputes (ICSID) ad hoc committee has upheld a $148.4 million award won by Standard Chartered Bank Hong Kong against Tanzania Electricity Supply Company (Tanesco). vIn its decision, the court, under President Claus von Wobeser, rejected several grounds submitted by Tanesco seeking an annulment of the award.
The decision, a copy of which The Citizen has, upheld an initial decision in which Tanesco must now pay the Hong Kong arm of Standard Chartered Bank a staggering $148.4 million (about Sh336 billion on the prevailing Bank of Tanzania exchange rate) owed under a power agreement.
Both Tanesco managing director, Dr Tito Mwinuka, and the spokesperson for the Attorney General’s Officer, Ms Maura Mwingira, said they were unaware of the decision yesterday.
According to the ICSID committee, the decision dated August 2, 2018 was reached after members unanimously decided that the application for annulment of the award, rendered on September 12, 2016 by Tanesco had to be dismissed in its entirety.
Members of the ICSID ad hoc committee include president Claus von Wobeser, Dr Christoph Schreuer, Ms Bertha Cooper-Rousseau and Secretary Ms Aurélia Antonietti while the assistant to the president of the ad hoc committee is Ms Montserrat Manzano.
The committee also decided that Tanesco shall bear the entire costs of the proceedings, including fees and expenses of the members of the committee while each party shall bear its own legal costs.
Sh336bn award verdict against Tanesco upheld