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Jul
15
2023
By LUC COHEN
Ex-Mozambique finance minister pleads not guilty in New York over debt scandal

Ex-Mozambique finance minister pleads not guilty in New York over debt scandal

BUSINESS
A former Mozambique finance minister pleaded not guilty to U.S. criminal charges over his alleged involvement in a fraud involving $2 billion in loans to three state-owned companies. Manuel Chang entered his plea before U.S. District Judge Nicholas Garaufis in Brooklyn. Chang had been extradited on Wednesday from South Africa, where he was arrested in December 2018 on U.S. charges of conspiring to commit wire fraud, securities fraud and money laundering. Garaufis denied Chang's request for bail, agreeing with prosecutors that he was a flight risk and could escape the charges by entering Mozambique's U.N. mission in Manhattan. "The evidence regarding his…
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Mar
12
2021
By The African Mirror
Blow for Mozambique in 2 billion debt scandal case

Blow for Mozambique in 2 billion debt scandal case

BUSINESS
MOZAMBIQUE’S claims against shipbuilder Privinvest, at the centre of a $2 billion debt scandal, fall under an ongoing arbitration process, Britain's appeals court found yesterday, in a blow to Mozambique's efforts to remove its liability for part of the money. Mozambique is suing Privinvest, its billionaire CEO Iskandar Safa, and international investment bank Credit Suisse in London's High Court over $2 billion in government-guaranteed loans raised in 2013 and 2014, a hefty chunk of which went missing according to authorities. Privinvest, the sole contractor to a series of projects the money was ostensibly raised for, has separately launched arbitration proceedings…
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Feb
03
2021
By The African Mirror
Mozambique president dragged into debt scandal

Mozambique president dragged into debt scandal

NEWS
A Lebanese shipbuilder at the centre of a $2 billion debt scandal in Mozambique said it made payments to its now-president and ruling party in 2014, but said these were legal campaign donations not bribes, according to a London court filing. Privinvest said payments made to President Filipe Nyusi in the run-up to his election and to the Frelimo party were allowed under Mozambican law, according to the January 15 filing at London's High Court. The case relates to a series of tuna fishing, maritime security and shipbuilding projects in which Privinvest was the sole contractor and for which Mozambique…
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