Tanzania: Power Firms Sue Standard Chartered Bank (HK) Over 'Fraud'

THE Independent Power Tanzania Limited (IPTL) and Pan African Power Solution Limited (PAP) have filed a suit at the High Court in Dar es Salaam, demanding 3,240,000,000 US dollars (about 5.3tri/-) from Standard Chartered Bank (Hong Kong) Limited (SCBH) over an alleged fraud.

It is alleged in the suit filed last week that SCBH had been falsely representing being a creditor of IPTL and procured a decision before a London Court in February this year for, among others orders, recalculation of tariffs payable by Tanzania Electric Supply Company (Tanesco).

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