Power Banks in Tanzania

Power Banks in Tanzania
Power Banks in Tanzania
Power Banks in Tanzania

In December 2013, the National Bank of Tanzania announced plans to buy the company Wanda’s assets. The company will receive 50 percent of Wanda’s current liabilities of $7 million in January 2014. The company is reported to be worth US$3.9 billion, which is approximately 5 percent of its current value. In September 2014, Wanda’s capital needs were in excess of US$1 billion.

Finance Power Banks in Tanzania
Financial services firm YG Capital Group is expected to file for Chapter 11 bankruptcy in September 2014. A bankruptcy filing has been filed by the Bank of Thailand which will likely result from its bankruptcy, potentially resulting in Wanda’s financial losses. A further bankruptcy filing may result from a legal challenge by the Thai National Insurance Company.

In June 2008, an investor called the Financial Services Industry International. The investor held Wanda’s assets in the form of private-equity shares. The investors, who are not Wanda’s business affiliates and are not eligible to participate in these investor-owned schemes, lost $4.5 million that was invested in the companies of the remaining investors.

On March 27, 2009, an adviser to KUBS BVI Limited, one of Wanda’s former affiliates in Cambodia, withdrew $30 million that was held with the funds of $10 and $15 million each of its foreign affiliates, totaling US$3 million. The $3.5 million in shares was sold in Thailand