The Tanzanian High Court Commercial Division has put on hold an advance payment guarantee worth 1.2bn/- and a bank performance guarantee worth 409.9m/- pending arbitration proceedings.

The arbitration at the Tanzania Institute of Arbitrators (TIArb) involves Bharya Engineering & Contracting Company Limited (BECCO) against Arab Contractors Tanzania Ltd and Elsewedy Electric Tanzania Ltd which operate under Joint Venture Company as JVACEE.

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