7 November 2016

Mozambique: Kroll Named for Audit

Kroll has been named to do the audit of the three companies linked to the $2 billion secret debt, the attorney general's office (Procuradoria-Geral da República, PRG) announced Friday 4 November. The selection has been agreed by the IMF and by Sweden, which is paying for the audit.

Kroll became famous in the 1990s for successfully chasing stolen money around the world. Less has been heard of it since 2004 when it was taken over by Marsh & McLennan and subsequently sold to Corporate Risk Holdings. Founder Jules Kroll retired in 2008.

The tender terms were very tight, requiring that the audit be done in 90 days, an unusually short time. The PRG also pointed to " the complexity of the process, especially by involving institutions based abroad, where the main contractual operations were performed." Five companies bid.

Details of the tender and contract have not been released, but the PRG said " t he purpose of the audit is to provide the PRG with an analysis of the financing contracts and the funds obtained from them, of the acquisitions made, as well as the identification and analysis of possible irregularities in the management and use of those funds." The audit is of three companies: Proindicus, EMATUM-Empresa Moçambicana de Atum, and MAM-Mozambique Asset Management.

It is not clear if the audit will be only relating to those three companies, or if Kroll will be expected to follow through to identify the beneficiaries of misused funds.

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