Tanzania Power Firm Asked to Pay Standard Chartered $148 Million
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The International Centre for Settlement of Investment Disputes ordered the Tanzania Electric Supply Co. to pay Standard Chartered Plc $148.4 million after breaching a power contract, the arbitrator said.
The case that began in 2001 concerns a purchase agreement in May 1995 between Tanesco and Independent Power Tanzania Ltd., whose rights were later taken over by Standard Chartered in 2014.