THE resolution passed by the National Assembly to nationalise the Independent Power Tanzania Limited (IPTL) was a rubber stamp of a proposal earlier given by Standard Chartered Bank (Hong Kong) Limited, it has been learnt.
It
had been revealed that Standard Chartered Bank wrote to the then Chief
Executive Officer of the Tanzania Electric Supply Company Limited
(Tanesco), Dr Idris Rashid, proposing the nationalisation of IPTL so
that it could be paid a sum of 112 million US dollars.
The
letter, dated September 22, 2009, shows that the bank proposed to
Tanesco’s legal advisers that the government of Tanzania immediately
considers nationalisation of IPTL and that move would be with the
support of the bank and with the express objective of implementing the
agreed plan.
“If
nationalisation was to be agreed upon and implemented, then the whole
process could be conducted through the Tanzanian Parliament.
There
would be no need to involve courts,” reads a section of the letter in
question. The bank alleged in the letter that it believed it has been
treated unfairly and inequitably before Tanzanian courts and therefore,
was firmly of the view that any attempt to implement its agreed plan
through the office of the provisional liquidator of IPTL at the time,
would suffer the same fate.
It
wrote further that rather than seeking to resolve its claims through
international litigation and in light of the progress made with Tanesco
on the agreed plan, the bank was prepared to give an opportunity for an
early settlement through a consensual nationalisation.
“Accordingly,
the bank and its lawyers would, if asked, work with you (Dr Rashid) and
your legal advisers in an effort to secure the approval of the
committee to a nationalisation proposal, within the next 14 days,” the
letter further explains.
The
bank went on to propose that the matter could be passed from there to
the Cabinet for it to deliberate and with the approbation of the
Cabinet, a bill could be placed before Parliament within a timetable
consonant with Tanesco’s desire to dispatch power from the project.
“If
Tanesco and government of Tanzania manifest a real desire to see a
nationalisation achieved quickly and absent any avoidable delay, it can
count on full support of the Bank, which would not in such
circumstances, see any need to take matters further in any international
forum,” the Bank’s letter says.
On
November 29, this year, while deliberating the Escrow Account Saga, the
National Assembly passed eight resolutions, including a proposal to the
government to nationalise the IPTL power plant so that it becomes state
owned company through Tanesco.
Addressing
the nation through elders from Dar es Salaam Region, President Jakaya
Kikwete ruled out the possibility to nationalise the power plant, saying
such attempt would jeopardise the government’s good intention of
encouraging foreign investment in the country.
DAILY NEWS
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