Standard Chartered wins IPTL case
Issue 335 - 24 Nov 2016
The High Court in London on 16 November issued a summary judgement that a $168.8m debt owed by Independent Power Tanzania Ltd (IPTL) to Standard Chartered Bank (Hong Kong) Ltd (SCBHK) is payable in full. The case was brought by SCBHK and Standard Chartered Bank Malaysia as facility agent and security agent respectively against IPTL, VIP Engineering and Marketing Ltd, which is one of IPTL’s founding sponsors, and Pan African Power Solutions (PAP), whose chairman is controversial businessman Harbinder Singh Sethi and whose current ownership of IPTL is strongly contested.
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