Maputo — The London-based Jubilee Debt Campaign has described as "scandalous" the failure of the British authorities to act against the London branches of the banks involved in Mozambique's "hidden debts".
Using illegal loan guarantees issued by the Mozambican government of the time, under the then President Armando Guebuza, three fraudulent, security related companies, Proindicus, Ematum (Mozambique Tuna Company) and MAM (Mozambique Asset Management) in 2013 and 2014 obtained loans of over two billion US dollars from the banks Credit Suisse and VTB of Russia. The loans were arranged through the London offices of these banks.
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