Zogwale
JF-Expert Member
- Jul 10, 2008
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Wakuu katika pitapita yangu nimekutana na hili andiko kuhusu hali ya IPTL kisheria na mipango ya Tanzania kuifufua mitambo hiyo. Mwenye updates zaidi ya kinachoendelea zaidi ya kushusha mafuta ya kuendeshea atujuze hapa.
Kama ni kweli hali ndiyo hiyo, nafikiri washauri wa mambo wangetizma kwanza hali ya IPTL kisheria kabla ya maamuzi makubwa. Pata uhondo hapa.
N.B Nimetizama kwa haraka sijaona post ya namna hii ila kamaipo kumradhi na isiwe Breaking news!
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Creditor opposes the move to activate IPTL- Did the President aware of the status of the plant before?)
By Bernard James
A major creditor of Independent Power Tanzania Limited (IPTL) yesterday opposed in court the decision to activate the IPTL plant in Dar es Salaam to ease the nationwide power crisis.
Standard Chartered Bank (Hong Kong) lawyers told the High Court that the decision by IPTL?s provisional liquidator to allow the plant to start operating again was contrary to a court order that placed the company under receivership.
The bank felt that the willingness of the provisional liquidator, Mr Theophil Rugonzibwa of the Registration Insolvency and Trusteeship Agency (Rita), to allow the plant to operate had serious repercussions on other interested parties, and asked the court to halt the move.
The objection was raised a few days after President Jakaya Kikwete directed that the IPTL plant, which had been idle for several years, be activated to ease the crippling power shortage that began earlier this month.
The directive was issued to the ministries of Energy and Minerals, Justice and Constitutional Affairs and Finance and Economic Affairs.
The Justice and Constitutional Affairs ministry was tasked with taking care of the legal side of the directive and its implementation.
IPTL?s minority shareholder, VIP, last December filed an application at the High Court seeking the winding up of the company over a fraud claim against the majority shareholder, Mechmar Corporation of Malaysia, which owns a 70 per cent stake.
In the same month, Madam Justice Katherine Oriyo appointed a provisional liquidator, pending determination of the matter.
She ordered the liquidator to protect the company against further deterioration, and put all the affairs and assets of IPTL under the management of the liquidator, who was directed to conduct independent investigations and present a report to the court.
The two shareholders have been engaged in talks to settle their dispute out of court for some months, but no significant progress has been made.
But yesterday, a lawyer for the bank, Mr Charles Morris, appeared stunned by the liquidator?s intention to allow the plant to operate, and sought the court?s intervention, saying the move was contrary to an earlier order that the status quo and company?s assets be preserved.
Mr Morris told Mr Justice Semistocles Kaijage that it would be unfair for the liquidator to allow such a move.
Earlier, Mr Rugonzibwa informed the court that they had not reached any agreement on an out-of-court settlement, and sought the adjournment of the matter for another eight weeks to allow further negotiations.
But Standard Chartered Bank queried the liquidator?s interpretation of the court order that the plant be preserved and protected and the status quo maintained.
We have no objection to further adjournment provide that we get an assurance from the provisional liquidator that he is going to operate within the confines of the liquidation order, and not otherwise. Our concern is that it appears that liquidator is not doing what he is supposed to do,? Mr Morris argued.
After a protracted legal exchange, Mr Rugonzibwa promised: ?I?m going to operate as per the court order.?
However, the bank was still not satisfied, arguing that he (the liquidator) intended to operate the plant, and asked the court to order him to withdraw the statement and confine himself to the earlier order.
Mr Justice Kaijage later granted the adjournment sought, and ordered the parties to appear in court on December 19.
The judge also directed the liquidator to keep the court informed on any resolutions arrived at by the parties.
The partnership between the two IPTL shareholders ran into serious problems in February 2002, only a month after IPTL commenced operations.
The local partner, VIP, accused the majority shareholder, Mechmar, of sidelining it in the running of the company.
It complained that Mechmar had refused to involve the director it had nominated in corporate decisions, and accused the Malaysian firm of inflating various costs. The IPTL management denies the accusations.
As the dispute raged, IPTL's debt, which was non-performing, was first purchased by Donaharta, a Malaysian entity that bought up many non-perfoming loans after the Asian financial crisis, which then resold it to Standard Chartered Bank (Hong Kong) for $74 million (Sh98 billion at current exchange rates) in November 2005.
VIP has subsequently contested the debt transfer on the grounds that the loans were at the centre of an unresolved dispute.
Efforts to reach Constitutional Affairs and Justice minister Mathias Chikawe for comment failed yesterday.
Kama ni kweli hali ndiyo hiyo, nafikiri washauri wa mambo wangetizma kwanza hali ya IPTL kisheria kabla ya maamuzi makubwa. Pata uhondo hapa.
N.B Nimetizama kwa haraka sijaona post ya namna hii ila kamaipo kumradhi na isiwe Breaking news!
-----------------------------------------------------------------------
Creditor opposes the move to activate IPTL- Did the President aware of the status of the plant before?)
By Bernard James
A major creditor of Independent Power Tanzania Limited (IPTL) yesterday opposed in court the decision to activate the IPTL plant in Dar es Salaam to ease the nationwide power crisis.
Standard Chartered Bank (Hong Kong) lawyers told the High Court that the decision by IPTL?s provisional liquidator to allow the plant to start operating again was contrary to a court order that placed the company under receivership.
The bank felt that the willingness of the provisional liquidator, Mr Theophil Rugonzibwa of the Registration Insolvency and Trusteeship Agency (Rita), to allow the plant to operate had serious repercussions on other interested parties, and asked the court to halt the move.
The objection was raised a few days after President Jakaya Kikwete directed that the IPTL plant, which had been idle for several years, be activated to ease the crippling power shortage that began earlier this month.
The directive was issued to the ministries of Energy and Minerals, Justice and Constitutional Affairs and Finance and Economic Affairs.
The Justice and Constitutional Affairs ministry was tasked with taking care of the legal side of the directive and its implementation.
IPTL?s minority shareholder, VIP, last December filed an application at the High Court seeking the winding up of the company over a fraud claim against the majority shareholder, Mechmar Corporation of Malaysia, which owns a 70 per cent stake.
In the same month, Madam Justice Katherine Oriyo appointed a provisional liquidator, pending determination of the matter.
She ordered the liquidator to protect the company against further deterioration, and put all the affairs and assets of IPTL under the management of the liquidator, who was directed to conduct independent investigations and present a report to the court.
The two shareholders have been engaged in talks to settle their dispute out of court for some months, but no significant progress has been made.
But yesterday, a lawyer for the bank, Mr Charles Morris, appeared stunned by the liquidator?s intention to allow the plant to operate, and sought the court?s intervention, saying the move was contrary to an earlier order that the status quo and company?s assets be preserved.
Mr Morris told Mr Justice Semistocles Kaijage that it would be unfair for the liquidator to allow such a move.
Earlier, Mr Rugonzibwa informed the court that they had not reached any agreement on an out-of-court settlement, and sought the adjournment of the matter for another eight weeks to allow further negotiations.
But Standard Chartered Bank queried the liquidator?s interpretation of the court order that the plant be preserved and protected and the status quo maintained.
We have no objection to further adjournment provide that we get an assurance from the provisional liquidator that he is going to operate within the confines of the liquidation order, and not otherwise. Our concern is that it appears that liquidator is not doing what he is supposed to do,? Mr Morris argued.
After a protracted legal exchange, Mr Rugonzibwa promised: ?I?m going to operate as per the court order.?
However, the bank was still not satisfied, arguing that he (the liquidator) intended to operate the plant, and asked the court to order him to withdraw the statement and confine himself to the earlier order.
Mr Justice Kaijage later granted the adjournment sought, and ordered the parties to appear in court on December 19.
The judge also directed the liquidator to keep the court informed on any resolutions arrived at by the parties.
The partnership between the two IPTL shareholders ran into serious problems in February 2002, only a month after IPTL commenced operations.
The local partner, VIP, accused the majority shareholder, Mechmar, of sidelining it in the running of the company.
It complained that Mechmar had refused to involve the director it had nominated in corporate decisions, and accused the Malaysian firm of inflating various costs. The IPTL management denies the accusations.
As the dispute raged, IPTL's debt, which was non-performing, was first purchased by Donaharta, a Malaysian entity that bought up many non-perfoming loans after the Asian financial crisis, which then resold it to Standard Chartered Bank (Hong Kong) for $74 million (Sh98 billion at current exchange rates) in November 2005.
VIP has subsequently contested the debt transfer on the grounds that the loans were at the centre of an unresolved dispute.
Efforts to reach Constitutional Affairs and Justice minister Mathias Chikawe for comment failed yesterday.
