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Tanzania decisions
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The High Court dismissed a petition challenging a 2010 share transfer and alleging unfair prejudice, finding the petitioner had voluntarily transferred his share and delayed complaining for years.
The High Court held that the mortgage share transfer form was forged, making the seizure and sale of the plaintiff’s shares null and void.
The 1st defendant failed to pay the full consideration for the share purchase agreement, with only USD 900,000 paid and USD 1.1 million outstanding; there was no contractual provision to convert the unpaid balance into a loan guarantee; this constitutes breach of contract, entitling the plaintiff to compensation for the unpaid amount and general damages.
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The petitioner suffered unfair prejudice due to irregular and fraudulent share transfers that did not comply with the company’s MEMARTS and statutory requirements. The petitioner remains a lawful shareholder, and the company must rectify its register to include her 100 shares and notify BRELA. BRELA is not a necessary party as the register in question is the company’s own register of members, not the register maintained by BRELA.
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The court held that the transfer of 100 shares was ineffective for lack of consideration, ordered return of the shares, and dismissed the company’s counterclaim.
Plaintiffs failed to prove performance of the share transfer agreement or payment for shares; no evidence of transfer or breach was established; thus, plaintiffs did not discharge their burden of proof and are not entitled to relief.
Source excerpt
The dispute concerns a private share transfer between companies and does not involve the Government of Tanzania or its authorization; therefore, the Natural Wealth and Resources (Permanent Sovereignty) Act, 2017 does not apply. The arbitration clause in the MoU is valid and ousts the jurisdiction of the Tanzanian courts. The High Court of Tanzania lacks jurisdiction to entertain the suit.
Source excerpt
The meeting authorizing the share transfer was invalidly convened by a non-member, violating the Articles of Association and statutory requirements. The procedural defects rendered the sale and transfer of shares invalid, not binding, and unenforceable. Reliance on documentary evidence from the invalid meeting was incorrect; no legal transfer occurred.
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The High Court found the defendant had sold and transferred 10 shares to the plaintiff, but dismissed the claim for general damages for lack of proof.
The High Court held that David Joseph Mahende lawfully sold and transferred 10 shares to Afriscan Group, but the plaintiff failed to prove general damages.
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