World Bank court orders Tanzania pay $185 mln to Standard Chartered

Tanzania has been ordered by a World Bank arbitration court to pay $185 million to the Hong Kong subsidiary of…

Tanzania has been ordered by a World Bank arbitration court to pay $185 million to the Hong Kong subsidiary of Standard Chartered for breaching an energy contract. The court’s ruling, which was released on Tuesday, adds to pressure on the East African nation, which faces at least two other multi-million claims from international investors. The case stems from a legal battle between the Tanzanian government and privately-owned independent power producer IPTL, which led to the dismissal of several cabinet ministers in 2014.

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