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