Standard Chartered Bank to pay 50bn/- for IPTL’s case

By our Correspondent

THE Independent Power Tanzania Limited (IPTL) and Pan African Power Solutions (T) Limited (PAP) have moved the High Court (Commercial Division) to order Standard Chartered Bank Hong Kong Limited and Standard Chartered Bank Malaysia Berhard to pay about 50bn/-as security for costs.

 

In an application lodged before the Dar es Salaam Court recently, the two local companies are seeking such orders for payments of 22,880,006 US dollars, pending determination of proceedings challenging enforcement a foreign judgment for payments of about 400bn/- in favour of the two banks.

Judge Barke Sahel will hear the application that has been filed under certificate of urgency on October 10^th this year. The application has been supported by seasoned Advocate Joseph Makandege, who is also the Company Secretary and Chief Counsel of IPTL and PAP.

In the affidavit to support the application, Mr. Makandege, currently the Acting Executive Chairman and Managing Director of IPTL and PAP, states that the two banks, who are respondents, are corporate citizens of and domiciled in Hong Kong in the Peoples’ Republic of China and Malaysia, respectively.

“None of them is registered in the country or own any property, let alone an immovable property, or asset or has a known registered establishment in Tanzania, within the local limits of the jurisdiction of this court,” reads part of the affidavit.

He stated that as of to date none of principal officers of the respondent banks has signed or verified any document or pleading, be it in proceedings for enforcement of the impugned judgment or counter affidavits filed in opposition to the applicants proceedings to set aside registration of such judgment.

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