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New revelation, Dowans in huge debt

Discussion in 'Jukwaa la Siasa' started by BAK, Mar 12, 2009.

  1. BAK

    BAK JF-Expert Member

    #1
    Mar 12, 2009
    Joined: Feb 11, 2007
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    New revelation: Dowans in huge debt

    -Controversial turbines named as collateral for massive loans from Barclays, Stanbic banks

    THISDAY REPORTER
    Dar es Salaam


    THE controversial Dowans Tanzania Limited company is carrying a massive debt resulting from loans received from various commercial banks to the total amount of $75m (over 100bn/-), THISDAY can reveal today.

    Our investigations have established that the loans were secured by registered company assets including the 100-megawatt power generation turbines that the state-run Tanzania Electric Supply Company (TANESCO) has been trying to purchase through its parent government ministry.

    Documents seen by THISDAY show that during 2007, Dowans was awarded several loans worth a total of $55m from Barclays Bank alone, and another $20m from Stanbic Bank.

    In May 2007, a debenture in favour of Stanbic Bank Tanzania Limited was taken out, under which all present and future assets of Dowans Tanzania Ltd - both movable and immovable were placed under mortgage for the loan.

    A month later (June 2007), Dowans initially secured a loan of $20m from Barclays Bank’s Mauritius branch, and five months later, landed another credit line of $5m - this time from Barclays Bank Tanzania Limited.

    Again, the company put up its registered assets as collateral.

    Yet another certificate of indebtedness shows that Dowans secured another loan of $30m from Barclays Bank in November 2007.


    It could not be immediately established if either the TANESCO Managing Director Dr Idris Rashidi or the Minister for Energy and Minerals, William Ngeleja, were aware of these debts when vigorously pursuing their bid to pave the way for a government purchase of the company’s used turbines at an astronomical price of $60m (approx. 90bn/-).

    However, the fact that Dowans still has such debentures in place with a number of banks could have further complicated any deal for the purchase of the turbines presently sitting idle in Ubungo, Dar es Salaam.

    According to the certificates of indebtedness signed by Dowans, the company acknowledges its debts with each of the banks for specified sums of money, on all of which interest is due until the principal amounts are paid back.

    Going by these latest findings, it is clear that if the dubious plan to buy the Dowans power turbines had succeeded, someone 'either TANESCO or the government' would have ended up inheriting these colossal debts.

    Although Rashidi announced last week that the public power utility had abandoned the controversial plan to buy the Dowans machinery, the whole issue appears to have ignited a heated public debate that shows few signs of cooling down any time soon.

    Somewhere at the centre of the debate is the Kigoma North Member of Parliament Zitto Kabwe (CHADEMA), who has raised many an eyebrow in publicly backing the Dowans turbines purchase proposal in his capacity as chairman of the parliamentary public corporation accounts committee.

    The opposition legislator, who has steadily built up a reputation as a refreshingly maverick and strong-minded politician, has even found himself at direct loggerheads with fellow MPs, notably members of the parliamentary energy and minerals committee which had already vetoed the proposal.

    The Speaker of the National Assembly, Samwel Sitta, has also made his position clear as strongly opposed to the proposed Dowans deal, pointing out that it would effectively revive the nationally-embarrassing Richmond scandal saga of last year.

    The Speaker minced no words in cautioning the government against getting itself involved in such a deal.
     
  2. Next Level

    Next Level JF-Expert Member

    #2
    Mar 12, 2009
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    Hawa jamaa walikuwa wanatafuta wakufa naye......siamini kama wale walitaka kununua mitambo hii hawakuwa na hizi taarifa za madeni!
     
  3. Susuviri

    Susuviri JF-Expert Member

    #3
    Mar 12, 2009
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    Mi naomba wale wote waliokuwa wanatetea Dowans akina Dar-es-Salaam na wenzake waje katika thread hii waendelee kututishia na kuitetea kampuni hii ya kitapeli. Ni aibu!

    Mheshimiwa Zitto, mbona umeendelea kukaa kimya? Tunaomba utoe maelezo maana imekuwa dhahiri kwamba sababu ulizotoa za kununua mitambo ya Dowans ziko null and void in light of these facts but also I do not beleive that you were unaware of these facts. So you must have some justification.
     
  4. SMU

    SMU JF-Expert Member

    #4
    Mar 12, 2009
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    Hii kweli ni habari. Kamati ya Zitto walilijua hili? Kama jibu ni hapana, je wapo tayari kubadili msimamo wao?
     
  5. B

    Bunsen Burner Member

    #5
    Mar 12, 2009
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    ha ha haaa!! Tanzanians will always rip what they sow by continuing entertaining these corrupt practise!!
     
  6. M

    Mfumwa JF-Expert Member

    #6
    Mar 12, 2009
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    Hii ni hatari, mpaka nimesikia kizungu zungu. Kuna mengi yatajulikana, kumbe haraka zote za kutaka kununua hii mitambo tulikuwa tunapigwa Changa la Macho mchana kweupe.
     
  7. Nyambala

    Nyambala JF-Expert Member

    #7
    Mar 12, 2009
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    Wakuu hii kampuni si mwenyewe hajulikani? Sasa hiyo mikopo ilikuwa inakuwa processed namna gani?

    Kweli bongo si mchezo!
     
  8. Alnadaby

    Alnadaby JF-Expert Member

    #8
    Mar 12, 2009
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    Nchi hii imefikia pabaya.Corruption imeilimaza!Sasa tutatoka vipi kwenye mkwamo huu?Wako wapi wanaume na wanawake wenye uchungu,ambao wataliondoa taifa katika balaa hii?

    Kwa kuwa wakubwa wa nchi hii wako pamoja na mafisadi benet...wako wapi mashujaa wa kutukomboa na kuifanya nchi hii iwe na maisha bora?
     
  9. Chakaza

    Chakaza JF-Expert Member

    #9
    Mar 12, 2009
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    Hili hakika ndi0 swali la msingi. Kama hawakufahamu basi hata mjadala utachukua sura nyingine kabisa.
     
  10. Baba_Enock

    Baba_Enock JF-Expert Member

    #10
    Mar 12, 2009
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    Mkuu Nyambala,

    Mwenye Dowans anajulikana ila tatizo ni kwamba yeye mwenye na mafisadi wenzake hawataki hajulikane! Mambo ya kipuuzi puuzi tu!
     
  11. Shapu

    Shapu JF-Expert Member

    #11
    Mar 12, 2009
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    Kichwa kina niuma sasa!
     
  12. Mzee Mwanakijiji

    Mzee Mwanakijiji Platinum Member

    #12
    Mar 12, 2009
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    The unveiling has begun of our Mwali....
     
  13. Suki

    Suki JF-Expert Member

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    Mar 12, 2009
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    Kwa mwendo huu,si ajabu tukakuta mwali dume.
     
  14. TIMING

    TIMING JF-Expert Member

    #14
    Mar 12, 2009
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    Aisee, kwa hili sio kamati ya zitto, ni zito pekee aise!!
     
  15. C

    Chief JF-Expert Member

    #15
    Mar 12, 2009
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    Jamani mwacheni Zitto. Message delivered:)
     
  16. Kapinga

    Kapinga JF-Expert Member

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    Mar 12, 2009
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    hali inatisha! hivi haya mahela yote wanayafanyia nini? nikisikia siku mafisadi wamenunua hecta 10,000 na kuwekeza modern irrigation systems na kutarajia maelfu ya tani za mazao na kuariji watanzania elfu 5000...ntaacha kuja jamiiforums!!
    its doesnt make sense kuwa na hata bilioni moja kwenye account yako wakati mtaa unaoishi hakuna umeme hakuna maji ya uhakika (masaki) , hakuna sewage system (masaki)...yani labda hizi figures sio za kweli...kichwa changu kinakataa kukubali! :-(
     
  17. G

    Ghwakukajha Senior Member

    #17
    Mar 12, 2009
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    Thanx Thisday,we were about to be traped into buying some encumbered plants!!Shame on you,all those who were pro this dubious purchase.
     
  18. M

    Mapinduzi JF-Expert Member

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    Mar 12, 2009
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    The pro Dowan dudes brought forward trivial arguments such as there will be shortage of power in April, and that the power shortage will be a big loss to the economy as production in many industries will be affected, etc, etc.

    Shame on them!
     
  19. Kang

    Kang JF-Expert Member

    #19
    Mar 12, 2009
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    Bongo kuna mambo! Sasa wakati wote Tanesco wanataka kununua mitambo hawa Barclays na Stanbic walikua wapi? Na hiyo mikataba ya mikopo walikubaliana na nani? Naona tushapata watu wa kuwabana!
     
  20. Mzee Mwanakijiji

    Mzee Mwanakijiji Platinum Member

    #20
    Mar 12, 2009
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    au itakuwa "mwali si mwali, kageuka msumari".. !
     
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