IPTL Power Firm Put Under Receivership

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. Consequently, the High Court placed IPTL under receivership of the administrator general, pending determination of winding up proceedings by minority shareholder VIP Engineering. Read more.