Confirmed: TPDC opened 3 escrow accounts at Stanbic

As Coffer of Tanzania governor Benno Ndulu charcoal tight-lipped on the axial bank's role in authorising the move
THE state-run Tanzania Petroleum Development Corporation (TPDC) accepted bygone that it opened three abstracted escrow accounts with Stanbic Coffer Tanzania Limited as a action for accepting ample Chinese loans for the $1.225 billion Mtwara-Dar es Salaam accustomed gas activity project.
One of the escrow accounts currently has a antithesis of $60 actor (over 130 billion/-), while addition annual was opened accurately for the depositing of all approaching revenues accrued from gas sales through the 532-kilometre pipeline.
"The government through the Coffer of Tanzania instructed Stanbic Coffer to accessible three escrow accounts as one of the altitude for accepting loans for the new accustomed gas basement from the Export-Import Coffer of China," TPDC said in a annual in acknowledgment to questions from The Guardian.
"The accounts are controlled by the accoutrement of the escrow accounts administration acceding accordingly alive amid Stanbic Coffer (as the escrow bank), TPDC (as the end user), Exim Coffer (as the lender), and the Ministry of Finance (as the borrower on annual of the Tanzanian government)," the annual added.
The escrow accounts opened by TPDC are the Gas Revenue Annual for the purpose of depositing all revenues accrued from gas sales through the pipeline; the Operational Annual advised to be acclimated for alive the infrastructure; and the Accommodation Claim Account.
"TPDC was authorised to be a attestant to (all three) accounts. Currently the two accounts of gas revenues and operational are still abeyant and are accepted to be alive afterwards acknowledgment of the project's official bartering operational date (COD)," the TPDC annual said.
"The accommodation claim annual is alive and funds deposited therein by the government of Tanzania and TPDC during altered periods of time accept accomplished to the tune of $60 million," it added explained.
According to the petroleum sector’s authoritative agency, the accommodation claim escrow annual was opened for the depositing of accessory funds to awning interests and charge fees for disbursements fabricated by China's Exim Coffer during the activity accomplishing period.
The aforementioned annual was aswell advised for the depositing of funds to be acclimated to accord loans accustomed from the Chinese coffer afterwards the activity handover and afterwards the end of the accommodation adroitness periods.
Stanbic Coffer was best to handle the escrow accounts "following a aggressive behest action as per accretion procedures," the TPDC annual said.
The activity and accompanying gas processing plants were commissioned endure year.
The absolute amount of the activity has afresh been an affair of altercation with some action associates of assembly claiming it was aggrandized by over 100 per cent and at atomic $600 actor was allegedly spent on paying kickbacks to some key government officials.
The timing of the aperture of the escrow accounts in March 2013 coincided with a behemothic $600 actor accommodation to the Tanzanian government abiding by Stanbic Coffer and its ancestor company, Standard Bank.
But until yesterday’s TPDC statement, the key institutions complex accept called to abide decidedly tight-lipped on both transactions. Stanbic Coffer admiral accept not responded to The Guardian's queries on any accessible links amid the escrow accounts and the said loan.
And although the Coffer of Tanzania (BoT) clearly authorised the aperture of the TPDC escrow accounts at Stanbic Bank, BoT governor Prof. Benno Ndulu has aswell flatly banned to admit data on the matter.
"I will not acknowledge to questions on TPDC’s banking matters. Ask TPDC," Ndulu responded curtly if approached by The Guardian to animadversion about the accounts.
Stanbic Coffer is already at the centre of arguable revelations that a $6 actor allurement was allegedly paid to chief Tanzania government admiral in affiliation with plan on the accommodation accord in 2012 and 2013.
The above abettor accepted of the Tanzania Revenue Authority (TRA), Harry Kitilya, and two ex-Stanbic Coffer admiral are currently adverse austere bribery accuse in a Dar es Salaam cloister over the matter. They accept denied the accuse and their case now awaits a academic audition date.
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