Africa

The legal battle involving Independent Power Tanzania Ltd (IPTL) shareholders VIP Engineering and Marketing Company Ltd and Mechmar Corporation ended recently after the High Court of Tanzania ruled in favour of VIP Engineering and placed the power producer under receivership, The East African reported. VIP Engineering had accused Mechmar Corporation of misappropriation of Tsh164 billion ($126 million) paid to IPTL as capacity charges. VIP Engineering could not account for the money.
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InterChem Pharma Ltd, the Moshi-based pharmaceutical firm owned by media mogul Benjamin Mengi, has been placed under receivership over a large debt accrued from Barclays Bank Tanzania Ltd., The East African reported. The firm, which three years ago acquired a $6 million loan for setting up an anti-retroviral (ARV) drug manufacturing plant in Tanzania, will go under the hammer next year.
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Zimbabwean President Robert Mugabe is preparing to take over key businesses in mining, banking and manufacturing as his international isolation deepens, two members of the ruling party’s politburo said. The 84-year-old leader said two days ago that he may form an “Economic Revolutionary Council” to overcome sanctions, the officials said. Mugabe’s plans suggest he doesn’t intend to bow to calls to step down as the economy collapses and cholera spreads.
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The High Court yesterday placed the Independent Power Tanzania Limited (IPTL) under receivership, pending determination of winding up proceedings by its minority shareholder, VIP Engineering and Marketing Limited, the Daily News reported. Judge Katherine Oriyo appointed the Administrator General as provisional liquidator of the country’s giant electricity generating company with immediate effect after granting an application filed by the VIP Engineering Company. The liquidator has 14 days to conduct investigations and file a state of affairs’ report before the court.
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