Tanzania

Appeal judges set aside staggering USD30m high court order against Tanzanian bank

THE website of Tanzania’s CRDB Bank makes much of this being the country’s largest private bank, of its awards for progressive policies and practices and of its good relations with customers. It even advertises itself as “the bank that listens”. With all that energy and hype around a friendly, efficient and profitable profile, it must have been devastating when the high court ordered the bank to pay a massive USD 30m plus interest in damages and lost business opportunities to an unhappy businessman and client.

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