Africa-Press – Tanzania. <\/strong><\/span>The United Kingdom- Tanzania Sh12 billion (USD6 million) foreign loan scandal is back in the limelight after one of the Tanzanians implicated in the matter demanded that the UK have to pay the Tanzanian government an extra USD8,4 million (Sh19.3 billion) in compensation.<\/p>\nThe scandal back in the limelight<\/b><\/p>\n
One of the people who are involved in the foreign loan scandal is Mr. Sioi Draham Solomon, who was incarcerated for four years awaiting trial, filed a constitution petition in the High Court of Tanzania challenging the UK government of the rightful owner of the USD8.4 million that was declared profit by the UK\u2019s Standard Bank Plc (now ICBC Standard Bank Plc) that transacted the USD600 million loan deal with the government of Tanzania.<\/p>\n
Guilty as charged<\/b><\/p>\n
Standard Bank pleaded guilty to fraudulently obtaining a USD600 million deal to help the government of Tanzania raise funds to finance key infrastructure projects for the 2011\/2012 financial year and was fined over failure to prevent bribery.<\/p>\n
Charges<\/b><\/p>\n
Standard Bank was fined USD25.2 million and required to pay a further USD7 million to the government of Tanzania that had engaged the UK bank for an infrastructural bond through its local subsidiary, Stanbic Bank in Dar es Salaam.<\/p>\n
High-profile bribery scandal<\/b><\/p>\n
The 2013 deal would lead to a high-profile bribery scandal in which government officials, bank officials, and a private company obtained USD million (about Sh27.6 billion)kickback as a facilitation fee for the deal.<\/p>\n
The Sioi\u2019s petition<\/b><\/p>\n
Mr. Sioi by going to court was challenging the decision of the UK government to pocket USD8.4 million (about Sh19.3 billion) that Standard Bank declared as profit from the loan deal. According to his petition, he asked the court to declare that the USD8.4 million is collectively owned by the people of the United Republic of Tanzania and should be paid to the government as the sole beneficiary.<\/p>\n
What the petitioner wants<\/b><\/p>\n
The petition argues that Tanzania was the injured party after Standard Bank allegedly admitted that the deal with the Tanzanian government was obtained fraudulently and that it was unfair that the UK government which was not a party to the deal received the profits through its Consolidated Fund. He wants the court to issue an order directing ICBC Standard Bank Plc (formerly Standard Bank Plc) and Stanbic Bank Tanzania limited to pay the government of Tanzania the USD8.4 million being the declared profit made out of the foreign loan agreement.<\/p>\n
He further argues that unless the USD8.4 million is paid in full the court should order the government through the minister of finance and planning and Attorney General not to engage in any other future business with the two banks involving public funds.<\/p>\n
Who is Sioi<\/b><\/p>\n
Mr. Sioi was working as Head of Legal and Company Secretary for Stanbic Bank before the foreign loan scandal. After the scandal, he was among three Tanzanians arrested and charged with nonbailable money laundering charges arising from the transaction. The other two were the former Tanzania Revenue Authority (TRA) Commissioner-General Harry Kitilya and former Stanbic Bank Head of Corporate and Investment Banking and one time Miss Tanzania, Ms. Shose Sinare.<\/p>\n
Biased investigations<\/b><\/p>\n
According to the investigations led by the Prevention and Combating of Corruption Bureau (PCCB) over the USD6 million payment made by Stanbic Tanzania to local partner Enterprise Growth Market Advisors (EGMA) intended to induce Tanzanian public officials to show favour to Stanbic Bank Tanzania and Standard Bank\u2019s proposal for the USD600 million deal on behalf of the government.<\/p>\n
The three accused were incarcerated for four years at Segerea Prison in Dar es Salaam before gaining their freedom through plea bargaining that saw the Tanzanian government netting Sh5 billion. The case against them never took off to a full hearing for reasons of incomplete investigations.<\/p>\n
For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"By Faridah N Kulumba Africa-Press – Tanzania. The United Kingdom- Tanzania Sh12 billion (USD6 million) foreign loan scandal is back in the limelight after one of the Tanzanians implicated in the matter demanded that the UK have to pay the Tanzanian government an extra USD8,4 million (Sh19.3 billion) in compensation. The scandal back in the […]<\/p>\n","protected":false},"author":84,"featured_media":56973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,16],"tags":[6990,6991,8514,711,8513,8512],"class_list":["post-56974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-standard-bank","tag-tanzania","tag-tanzania-revenue-authority","tag-uk-tanzania-relations"],"yoast_head":"\n
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