Tanzania: NBC Exonerated From Refunding Over 200m/ - Paid to Wrong Party

THE Court of Appeal has exonerated National Bank of Commerce (NBC) Limited from refunding National Oil Tanzania Limited more than 200m/- drawn and paid to a wrong party instead of Tanzania Revenue Authority (TRA).

Instead, Justices Mbarouk Mbarouk, Augustine Mwarija and Gerald Ndika placed such burden on Standard Chartered Bank (T) Limited (SCB) for being negligent and occasioning loss of 241,941,397/- debited from the company's account held at the NBC corporate branch in Dar es Salaam.

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