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Mozambique: Secret Debt Case To Go Ahead In London
Mozambique News Reports And Clippings, 18 August 2020
The London High Court has allowed Mozambique's $2 bn secret debt case against Credit Suisse and Privinvest to go ahead. Read more »
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Mozambique: Credit Suisse is Liable for the U.S.$2 Billion Secret Debt
Mozambique News Reports And Clippings, 17 March 2020
U.S. prosecutors believe they have evidence of the Swiss lender’s culpability for the $2bn secret debt after three former bankers pleaded guilty last year, according to… Read more »
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Mozambique: Credit Suisse Ignored Warning About Privinvest
AIM, 29 January 2020
The bank Credit Suisse ignored warnings from its outgoing regional chief executive officer on the risks of lending huge sums to Mozambique, according to a Wednesday report by the… Read more »
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Mozambique: Credit Suisse Protests Its Innocence
AIM, 24 January 2020
The bank Credit Suisse has claimed that the loan of 622 million US dollars that it extended in 2013 to the fraudulent Mozambican company Proindicus is legitimate, and the… Read more »
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Mozambique: Call On Norway to Divest From Credit Suisse
AIM, 11 February 2020
Mozambican and Norwegian civil society bodies have demanded that the Norwegian state pensions fund should pull out its investment from the bank Credit Suisse, because of its… Read more »
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Mozambique: U.S. Prosecutors Target Credit Suisse
AIM, 17 March 2020
US prosecutors are investigating the role of the bank Credit Suisse in the scandal of Mozambique's "hidden debts", according to a report by the Reuters news agency. Read more »
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Mozambique: Can Ruling Party Continue to Profit From Resource Curse, and Failing State?
Mozambique News Reports And Clippings, 3 August 2020
The sentencing last week of the former Malaysian prime minister Najib Razak to 12 years in jail for involvement in a $4.5 bn fraud, should provoke some deep thinking by Frelimo,… Read more »
Mozambique's Secret Debt Case To Go Ahead In London, Judge Rules
The Mozambique government is suing Swiss lender Credit Suisse, a United Arab Emirates shipbuilder and a handful of bankers in London over their alleged role in a U.S.$2 billion fraud scheme, saying they are each responsible for repaying hundreds of millions of dollars in government debt and maritime projects for arranging or taking bribes. Using illegal loan guarantees issued by the Mozambican government of the time, under the then president Armando Guebuza, state-owned security companies in 2013 and 2014 obtained the loans, plunging the country into its worst financial crisis since independence.
InFocus
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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 ... Read more »
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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 »
