Indiana Resources Limited Press release (Nachingwea v Tanzania ICSID ARB/20/38) - ICSID Rules Majority of Tanzania's Annulment Request Without Merit - 7 February 2024
Country
Year
2024
Summary
Highlights
- ICSID has struck out two of three grounds relied upon by Tanzania in its application to annul the Award delivered to the Claimants in July 2023
- ICSID found that the following grounds relied upon by Tanzania in its application for annulment were manifestly without legal merit:
- manifest excess of powers;
- failure to state the reasons on which the Award is based; and
- serious departure from a fundamental rule of procedure with respect to the ICSID Tribunal's determination on the allocation of costs
- The findings are not open to challenge - Tanzania prohibited from raising these grounds in submissions at the hearing of its annulment application
- Annulment now continues with the sole focus on the remaining complaint by Tanzania - that the Tribunal seriously departed from fundamental rules of procedure
- Timetable for annulment proceedings now confirmed
- Tanzania's Memorial on Annulment is due on 15 March 2024
- Total amount payable by Tanzania under the Award now stands at US$120 million - comprising US$116 million to date plus costs of US$4 million
- Interest continues to accrue at the rate of approximately US$1 million per month until the full amount is paid to the Claimants