January 7, 2011

DOWANS (T) Ltd OWNERS!!

THE National Power Utility company (Tanesco), will have to pay Dowans Holdings SA (Costa Rica) the sum total of 94bn/- following recent ruling by the International Court of Arbitration, the government has announced.
Addressing media conference in Dar es Salaam on Thursday, the Minister for Energy and Minerals, William Ngeleja, said the amount was way below the much publicised figures that stood at 186.5bn/-.
“The decision is painful to all of us (Tanzanians) but since the contract was legally binding and the decision was not in our (government) favour, the payment will have to be honoured,” Ngeleja explained.
However, the minister was explicit on the pre-condition leading to the payment to Dowans saying that the legal requirements and the nature of contract signed required that payment(s) would only be honoured after registration of claims at the High Court of Tanzania.
Asked why not file an appeal for further legal battle and possibly avert the staggering loss, the minister said after consultations with legal experts including the Attorney General, Mr Frederick Werema, it was decided that appeal for the case was not an option.
The minister also made public names of six directors of Dowans Tanzania Limited. According to official letter Reference Number MITM/ RC/58550/22 from the Business Registration and Licensing Authority, BRELA, dated January 05, 2011, the directors are Andrew James Tice (Canadian), Gopalkrishnan Balachandran (Indian) and Hon Sung Woo (Singaporean). Others are Guy ArthurPicard (Canadian), Sulaiman Mohammed Yahaya (Omani) and Stanley Munai (Kenyan). Asked how come the entire list of directors comprised of foreigners while investment procedures require local partnership, the minister said the power crisis was not planned for and the entire project was handled with urgency and the crisis could not wait for identification of local partners.
It was explained that the directors of Dowans Tanzania Limited operated under the framework of the percentage of share holdings such that Dowans Holdings S.A (Costa Rica) has 81 shares while Portek Systems and Equipment PTE Limited owned 54 shares. Source: Daily News

2 comments:

Anonymous said...

For ma side i know this is one fraud which made by government can u imagine that we are living in acute poverty,poor social services and executive plan to pay DOWANS look the retired of East Africa community,students at high learning are given few money for them they enjoy everlasting lives.......now we are going to change the constitution and am dreaming new Tanzania which will execute all frauders.

Anonymous said...

Its shear madness n whoeva thinks n says da so called or proclaimed Dowans shud be paid is insane n has nothing like an element of humanity.We recently had our parents n grand parents who served for the E.A community denied payment though they served the nation n deserved howeva little dat cud hav bin availed wakajiambulia mkong'oto pamoja na kwamba wao wanaonekana na cyo kampuni hewa icyo kuwa na wamiliki huo ni uchzi na wizi uliokithiri mcjetufanya 2kandamana kama Egypt

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