{"id":32679,"date":"2021-07-13T15:29:48","date_gmt":"2021-07-13T15:29:48","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=32679"},"modified":"2021-07-13T13:54:58","modified_gmt":"2021-07-13T13:54:58","slug":"high-court-restrain-dmcc-15-banks-to-receive-over-30bn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/high-court-restrain-dmcc-15-banks-to-receive-over-30bn","title":{"rendered":"High Court Restrain DMCC, 15 banks to receive over 30bn\/-"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>TANZANIA\u2019s High Court on Tuesday granted an order temporarily restraining Dubai-based Alchemist Energy Trading (DMCC) from receiving over 30bn\/- from various international banks over a tender to supply fuel under the petroleum bulk procurement system.<\/p>\n

The decision follows an application lodged under certificate of urgency by the Petroleum Bulk Procurement Agency (PBPA) and the Attorney General, the applicants, on behalf of Oil Marketing Companies (OMCs) against DMCC and 15 banks.<\/p>\n

The banks, includes, ABSA Bank Tanzania, Stanbic Bank Tanzania LTD, National Micro-Finance Bank, National Bank of Commerce, NBCA Bank Tanzania LTD, Citibank UAE, Natixis Bank, I & M Bank Rwanda PLC and Standard Bank of South Africa,<\/p>\n

Others are Rabobank Singapore Branch, Bank of Kigali, Eastern and Southern African Trade and Development Bank (TDB), ING Bank, ABSA Bank Mauritius and Citibank.<\/p>\n

Judge Leila Mgonya issued the order in question pending final determination of Arbitration proceedings filed by the applicants before the International Court of Arbitration of the International Chamber of Commerce (the ICC) following a dispute between the Dubai Company and the PBPA.<\/p>\n

\u201cThis court proceeds to grant the prayer sought by granting the applicants with the interim injunctive order to restrain the (Dubai Company) and its agents from receiving or performing any act calculated to receive the monies payable under various letters of credit or any party thereof,\u201d reads part of the order.<\/p>\n

The judge ruled that counsel for the applicants, led by Principal State Attorney George Mandepo demonstrated the need for the prayed orders to be granted as the Dubai Company is said to have failed to honour the terms of contract between her and the Agency under the tender in question.<\/p>\n

Others counsel who successfully urged the application are Principal State Attorneys Mussa Mbura, Ponziano Lukosi and Salome Magesa as well as State Attorneys Consesa Kahendaguze, Baraka Nyambita and Gallus Lupogo, all from the Solicitor General\u2019s Office.<\/p>\n

They stated that Alchemist Energy Trading DMCC, in execution of the tender, was supposed to deliver the petroleum products in favour of Oil Marketing Companies (OMCs), but failed to honour such obligation<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. TANZANIA\u2019s High Court on Tuesday granted an order temporarily restraining Dubai-based Alchemist Energy Trading (DMCC) from receiving over 30bn\/- from various international banks over a tender to supply fuel under the petroleum bulk procurement system. The decision follows an application lodged under certificate of urgency by the Petroleum Bulk Procurement Agency (PBPA) […]<\/p>\n","protected":false},"author":84,"featured_media":32678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8,16],"tags":[6990,6991,711],"class_list":["post-32679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nHigh Court Restrain DMCC, 15 banks to receive over 30bn\/- Tanzania<\/title>\n<meta name=\"description\" content=\"TANZANIA\u2019s High Court on Tuesday granted an order temporarily restraining Dubai-based Alchemist Energy Trading (DMCC) fr ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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