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On June 3, 1960, the International Finance Corporation (IFC) announced an agreement with three other investors to invest the equivalent of £2.3 million in the Kilombero Sugar Company, Ltd., in Tanganyika, for a sugar production and refining project estimated to cost £3.2 million, production to begin in 1962. The investment was represented by the equivalent of £1.15 million in debentures bearing 7 percent interest and maturing by 1973; by, £500,000 in convertible income notes maturing by 1975 without fixed interest and bearing returns contingent on earnings; by, £650,000 in share capital; and by an option on ordinary shares. Additional financing for the project was to come from an issue of convertible preferred shares, totaling, £700,000, by the Standard Bank of South Africa and the Colonial Development Corporation, to be offered for sale to residents of Tanganyika.

196 International organizations — International administrative tribunals — World Bank Administrative Tribunal — Investigation — Misconduct — Abuse of position for financial gain — Acceptance of remuneration from outside parties in connection with Bank appointment — Failure to observe generally applicable norms of prudent professional conduct — Performance of service for outside entity — Retention and sharing of pornography — Application of amended staff rules — Proportionality of sanction — Due process — Administrative leave during investigation — Removal from office premises

636International organizations — Officials — Terms and conditions of employment — Termination of employment — Unsatisfactory performance — Agreement to extend Applicant's special leave on condition that all claims against the Respondent be settled — Whether precluding application to Tribunal — Whether agreement concluded under duressInternational tribunals — International administrative tribunals — World Bank Administrative Tribunal — Basis of jurisdiction — Right to apply to Tribunal derived from Statute of the Tribunal not from contract or terms of employment — Procedure — Review of decisions — Grounds for review