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Oct
26
2023
By SAM TOBIN
Mozambique’s Nyusi to blame over ‘tuna bond’ scandal, shipbuilder’s owner says

Mozambique’s Nyusi to blame over ‘tuna bond’ scandal, shipbuilder’s owner says

NEWS
MOZAMBICAN President Filipe Nyusi was ultimately responsible for the failure of the projects at the centre of the "tuna bond" scandal, the owner of Emirati-Lebanese shipbuilder Privinvest told London's High Court. Privinvest and its owner French shipping magnate Iskandar Safa are facing a $3.1-billion lawsuit from the African republic for allegedly paying millions in bribes to Mozambican officials and Credit Suisse bankers. Mozambique alleges more than $136 million was paid to secure favourable terms in relation to three projects in 2013 and 2014, including one designed to exploit the republic's tuna-rich coastal waters. Privinvest and Safa deny any wrongdoing and say any…
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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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