Tanzania to be Refunded $7 Million by United Kingdom

Yesterday on November 30 a court in London City charged Standard Bank $32.2 million, where $16.8m is a fine penalty payable to Serious Fraud Office (SFO), $8.4 million is disgorgement of profits and $7 million will be paid to Tanzania, $6 million was the amount charged unfairly and $1 million is the interest accumulated.


Tanzania took a loan of $600 million from Standard Bank in year 2013/2014 for developmental programs. Standard Bank charged an interest of 2.4% as a fee for loan provision, but after a severe and long investigation it was discovered that Standard Bank planned to charge only 1.4%, but they said 1% extra is needed for local agent payment. The local agent used came from EGMA company, that's why several unlawful payments were made to EGMA company.

A total of $6 million was paid to EGMA company and withdrawn on the same day, several payments made to EGMA account is what raised suspicions untill Bank of Tanzania, Board Chairman of  Standard Bank as well as TAKUKURU started investigation which later included SFO.

More investigation is still going on to discover who exactly received the money at EGMA company and what did he/she used the money for. So far according to London court  the EGMA company persona includes Mr Harry Kitlliya who was General Commissioner of TRA, the late Mboya, and Mr
Gaspar Njuu.