Nachingwea U.K. Limited (UK), Ntaka Nickel Holdings Limited (UK) and Nachingwea Nickel Limited (Tanzania) v United Republic of Tanzania - ICSID ARB/20/38 - Press Release - Tanzania Provides Undertaking to Pay Award Debt - 27 December 2023
Country
Year
2023
Summary
- The Attorney General of Tanzania has provided an undertaking to the Claimants and the ad hoc committee of the International Centre for Settlement of Investment Disputes, a division of the World Bank, that it will:
- Pay the full amount of the Award plus interest to the Claimants within 45 days of the final decision on annulment;
- Not subject the payment of the Award to any enforcement proceedings or to the scrutiny of Tanzanian courts;
- Abide by the final annulment decision when delivered by the ICSID ad hoc Committee.
- Total amount payable by Tanzania under the Award now stands at US$118 million - comprising US$114 million to date plus costs of US$4.28 million
- Interest continues to accrue at the rate of US$1 million per month until the full amount is paid to the Claimants
- A hearing on the Claimant's preliminary objection to Tanzania's annulment application took place on 20 December 2023 - timetable for annulment process remains on track
- Indiana also notes a recent US$1.1 billion financing package provided to Tanzania from the World Bank