World Bank Court Orders Tanzania to Pay $185 Million in Energy Case

(Bloomberg) -- A World Bank tribunal ordered the Tanzanian government to pay Standard Chartered Plc’s Hong Kong unit $185.4 million for breaching an energy contract.

The case from 2015 relates to an agreement with Independent Power Tanzania Ltd., which was granted exclusive rights to a power project, according to documents from the World Bank’s International Center for Settlement of Investment Disputes.

The government didn’t honor some payment guarantees it made in favor of the company, according to submissions by Standard Chartered Hong Kong, which acquired loans attached to the project.

Tanzania’s government spokesman wasn’t immediately available when called for comment.

To contact the reporter on this story: Ken Karuri in Dar es Salaam at kkaruri@bloomberg.net

To contact the editors responsible for this story: David Malingha at dmalingha@bloomberg.net, Hilton Shone

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