Three local companies have added their voice on Tanzania Electric Supply Company (Tanesco) move to seek annulment of International Centre for Settlement of Investment Disputes (ICSID) award for payments of 148.4 million USD to Standard Chartered Bank (Hong Kong) Limited (SCBHK), Tanzania Daily News said.
They are VIP Engineering and Marketing Limited, Independent Power Tanzania Limited (IPTL) and Pan Africa Power Solutions (PAP) Tanzania Limited, who have maintained that SCBHK has never been a secured creditor let alone a creditor of the country’s giant electricity producer company (IPTL).
While VIP, through its international advocate, Dr Camilo Schutte, claims the loan SCBHK is trying to enforce is tainted with fraud, the IPTL and PAP, through their Company Secretary and Chief Legal Counsel Joseph Makandege were of the opinion that the ICSID award was illegal both in law and facts.
