Latest development Aug 5, 2026
In the related IPTL judgment case, a Court of Appeal taxing officer allowed $8M in costs to IPTL and Pan Africa Power against the bank.
The award
- Amount awarded
- $185.4M ($185,449,440.04, including interest to August 2018) plus interest at six-month LIBOR plus 2% from September 1, 2018 (v. Tanzania, October 11, 2019). Separately, $148.4M plus interest at three-month LIBOR plus 4% (v. TANESCO, September 12, 2016).
- Current estimate
- Not cumulative. The 2019 award is the bank’s loss on its loan to IPTL, and the tribunal barred recovery beyond that amount across the TANESCO award and a 2016 English judgment against IPTL and others ($168.8M).
- Award holder
- Standard Chartered Bank (Hong Kong) Limited
- Respondent
- United Republic of Tanzania and Tanzania Electric Supply Company Limited (TANESCO)
- Forum
- ICSID · ARB/15/41 (Implementation Agreement, v. Tanzania) and ARB/10/20 (power purchase agreement, v. TANESCO)
Challenges
An ICSID ad hoc committee dismissed TANESCO’s annulment application on August 22, 2018. ICSID records no annulment proceeding against the 2019 award and lists both cases as concluded.
Enforcement
No recognition or enforcement proceedings on either award were found (U.S. federal dockets checked). The bank’s separate attempt to register its English judgment against IPTL in Tanzania failed (appeal struck out on January 9, 2026).
Recovered to date
None reported. The 2019 tribunal recorded that TANESCO had paid nothing under the 2016 award.
Notes
No source after 2019 confirms payment or non-payment. In 2019 Tanzania’s Attorney General said IPTL, not the government, should pay, and the government settled its own indemnity claim against IPTL in March 2021 (terms not disclosed). The Citizen (2025) gives the award as $198.88M, which differs from the award text. Sources for these points are listed under corrections.