Mozambique Annuls U.S.$1,4 Billion Loans in 'Hidden Debt' Scandal
Mozambique's constitutional court has declared void two loans totaling more than U.S.$1 billion at the heart of a "hidden debt" scandal that triggered a currency collapse and sovereign debt default that sent international lenders fleeing. State-owned security companies borrowed the money between 2013 and 2014 from London branches of Swiss banking giant Credit Suisse and Russia's VTB, who argue that the government is liable for the money.
(File photo).
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Mozambique:
Secret Debt Guarantee 'Criminal', 'Illegal' Says Govt
Mozambique News Reports And Clippings, 1 May 2020
In its strongest public statement so far, the government has called the guarantees on the MAM and Proindicus secret debt to be "illegally obtained" and "criminally obtained". But… Read more »
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Mozambique:
Hidden Debt and Keeping $ Away From Government
Mozambique News Reports And Clippings, 27 April 2020
As part of the donor attempts to not give cash to government, the European Union signed an agreement with the United Nations Development Programme (UNDP) on 22 April for the UNDP… Read more »
InFocus
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Jean Boustani, one of eight people who prosecutors say created maritime projects in Mozambique to funnel bribes and kickbacks, has told a U.S. court that that Privinvest paid ... Read more »
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Mozambique has finalised charges against 20 people, including the son of former president Armando Guebuza, in connection with a U.S.$2 billion debt scandal that crippled the econ Read more »
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Civil society organizations have added their voice to those demanding that the loans borrowed from European banks in 2013 and 2014 by three Mozambican security-related companies be ... Read more »
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President Filipe Nyusi's administration has filed a case in London's High Court against Credit Suisse over the bank's role in the country's "hidden debts". Credit Suisse was one of ... Read more »
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Former Mozambican finance minister Manuel Chang has had his bail application postponed to January 18 by the Kempton Park Magistrate's Court. The postponement was granted to give ... Read more »