Summary

...

DECISION AND ORDERS

74. For the reasons stated above, the Committee:

1) DECIDES that the stay of enforcement of the Award continues on a provisional basis subject to the condition that the Applicant provides an undertaking in substance as follows:

In the event, or to the extent, that annulment is not granted, the United Republic of Tanzania agrees and undertakes that (1) it will in accordance with its obligations under the ICSID Convention recognize the Award rendered by the Tribunal as final and binding and will abide by and comply with the terms of the Award; (2) it will not subject payments to any enforcement proceedings or to the scrutiny of Tanzanian courts; and (3) it will unconditionally and irrevocably pay the pecuniary obligations imposed by the Award in full to the Claimants within forty-five (45) days following the notification by the ICSID Secretariat of the Committee's Decision on annulment such that the Claimants will be fully compensated, including interest, and will not need to engage in any action to recognize, enforce, or execute the Award under Article 54 of the ICSID Convention in any ICSID Contracting State.

2) ORDERS that the Applicant shall within forty-five (45) days following the notification by the ICSID Secretariat of this Decision provide the undertaking to the Committee and the Claimants, executed by a government official or officials of Tanzania with full power to bind the State, together with information sufficient to establish for the Committee and the Claimants the legal basis as a matter of Tanzanian law for the power to bind the State of the relevant official or officials;

3) ORDERS that should Applicant not furnish an undertaking in compliance with this Decision within the stated time (or the time extended by the Committee), the stay so ordered will be terminated, and the Claimants shall be at liberty to take such action to enforce the Award as they deem fit, (a) if by that time the Claimants' parent company has affirmed that it will enable the Claimants to make good on their undertaking to reimburse the Applicant if the Award were annulled, and (b) unless the Applicant has furnished financial security in form and amount satisfactory to the Claimants, whether (i) an unconditional and irrevocable bank guarantee issued by, or (ii) a funded escrow account with, a reputable international bank with no principal establishment in Tanzania;

4) RESERVES its right to revisit at any time its Decision and Orders, at the request of either party or by own its motion, to modify or terminate the stay, or vary or amend its Decision regarding the undertakings;

5) RESERVES its decision on costs for a subsequent stage of the proceeding; and

6) DISMISSES all other requests.

On behalf of the Committee,

Rolf Knieper
President of the Committee
Date: 31 October 2023