Mozambique - The African Mirror

Nov

2023

Credit Suisse ends ‘tuna bond’ dispute with shipbuilder Privinvest

CREDIT Suisse has settled its dispute with Emirati-Lebanese shipbuilder Privinvest over a decade-old "tuna bond" scandal, resolving another legacy legal issue for the bank's new owner UBS. The Swiss lender last month settled a lawsuit brought against it by Mozambique just before a three-month trial began, which did not affect Credit Suisse and Privinvest's competing claims against one another. Credit Suisse and Privinvest said in a statement late on Monday they "reached a global settlement of all present and future disputes between them concerning disputed state-guaranteed financing transactions in Mozambique". The settlement finally extricates Credit Suisse from any involvement in the case,…

Oct

2023

By The African Mirror

Violent protests break out in Mozambique after local elections

NEWS

POLICE suppressed violent protests in Mozambique as opposition supporters took to the streets to decry the results of local elections earlier this month which they say were rigged. Nine civilians and one police officer were injured in protests in the city of Nampula on Friday, a police spokesperson told reporters. Police arrested 70 people, including 60 in Nampula and others in the capital Maputo, Nacala and Quelimane, he said. Mozambique's Public Integrity Center, an independent non-profit entity, said one young man was confirmed dead in Nacala and two people were shot by police in Nampula. One police officer was also…

Oct

2023

By FRANCESCA LANDINI and WENDELL ROELF

Exclusive: Eni and partners to decide on Mozambique LNG investment by mid 2024, sources say

BUSINESS

ITALY'S Eni SpA hopes to reach a final investment decision on its second floating liquefied natural gas (LNG) project in Mozambique by the end of June next year, two sources directly involved with the project said on Tuesday. Its first LNG project - called Coral Sul - made the impoverished African country a global producer and exporter of LNG from November and the new project would further bolster Mozambique's output. This could also boost Eni's gas output from Africa which it can transfer to Europe, helping diversify Europe's gas sourcing in the next few years, its CEO Claudio Descalzi said in January.…

Oct

2023

By FORREST CRELLIN and AMERICA HERNANDEZ

Mozambique attack survivors file complaint against TotalEnergies

NEWS

SURVIVORS and relatives of victims of a 2021 insurgent attack in Mozambique have filed a complaint against TotalEnergies for negligence and indirect manslaughter, saying the company had failed to ensure the safety of subcontractors. TotalEnergies rejected the allegations, saying they were "inaccurate." Islamist insurgents attacked the port city of Palma in March 2021, killing many civilians in areas close to Mozambique LNG infrastructure projects, owned in part by TotalEnergies. The plaintiffs - including three survivors and four relatives of victims who died in an ambush - allege that TotalEnergies failed to inform subcontractors of the risks of possible attacks or of the progress of such…

Oct

2023

By The African Mirror

Mozambique drops part of ‘tuna bonds’ claim against shipbuilder Privinvest

BUSINESS

MOZAMBIQUE has dropped a significant part of its claim against Emirati-Lebanese shipbuilder Privinvest over the decade-old "tuna bond" scandal, just days after settling its case against Credit Suisse, London's High Court heard. Mozambique's lawyer Jonathan Adkin said the African country was no longer suing Privinvest and its owner Iskandar Safa for "macro-economic loss". He did not give a figure, but a court filing by Mozambique said the republic had abandoned part of its case representing a "significant element" of the claim's value. Court documents filed last month and this week show the country, one of the world's poorest nations, has…

Oct

2023

By MANUEL, MUCARI, SAM TOBIN and KIRSTIN RIDLEY

Mozambique switches focus to Privinvest in ‘tuna bond’ case

BUSINESS

MOZAMBIQUE will turn its attention to pursuing compensation from shipbuilder Privinvest in London, officials said on Monday, after the republic struck an 11th-hour settlement with Credit Suisse over the $1.5 billion-plus "tuna bond" scandal. Mozambique Finance Minister Max Tonela confirmed at a Maputo news conference that Sunday's deal with Credit Suisse's parent UBS and some creditors only covered a 2013 loan to Proindicus, a state Mozambican company, and was "mutually advantageous". "This agreement opens the door to the possibility of restoring the confidence of international investors in Mozambique," Tonela said. The tuna bond case dates back to deals between state-owned Mozambican companies and shipbuilder Privinvest…

Sep

2023

By MANUEL MUCARI, KIRSTIN RIDLEY and SAM TOBIN

Explainer: Why has Mozambique sued Credit Suisse over the ‘tuna bonds’?

BUSINESS

MOZAMBIQUE'S lawsuit against Credit Suisse and shipbuilder Privinvest over the decade-old "tuna bond" scandal in London could pitch one of the world's poorest nations against corporate heavyweights in a $1.5 billion-plus battle next week. Credit Suisse's parent UBS and the African republic were on Friday locked in out-of-court settlement talks, according to one source in Mozambique's Attorney General Office and two sources familiar with the situation, who asked not to be named because the negotiations were confidential. The 11th-hour bid to secure a deal would allow Swiss banking giant UBS to resolve an inherited legal headache and escape the scrutiny of…

Jul

2023

By The African Mirror

“Tuna King” – Mozambique ex- Finance Minister – extradited to US to face trial

NEWS

MOZAMBIQUE'S former finance minister, Manuel Chang, was extradited to the United States from South Africa to face charges for his alleged role in a $2 billion debt scandal, the South African justice ministry said. Chang, who has denied wrongdoing, had been detained in South Africa since 2018 when he was arrested at the request of the United States on charges including money laundering and conspiracy to commit fraud. Mozambique subsequently also requested his extradition, and the two countries fought over possession of Chang via both the courts and diplomatic channels. South Africa's constitutional court denied Mozambique leave to appeal in…

Jul

2023

By KIRSTIN RIDLEY

Mozambique ‘tuna bond’ case against Credit Suisse can proceed, UK judge rules

NEWS

MOZAMBIQUE'S blockbuster lawsuit against Credit Suisse and others over the $2 billion "tuna bond" scandal can proceed to trial, a London judge ruled, despite complaints that the African nation has failed to fully disclose documents. High Court Judge Robin Knowles said it was not just, proportionate or necessary to strike out the complex case, which encompasses 11 sets of proceedings, three months before a London trial scheduled to start on October 2. But he warned: "At trial, all alternatives, including to strike out and in whole or in part, remain available." The tuna bond or "hidden debt" case has triggered litigation…

May

2023

By The African Mirror

Crochet and art bring awareness to anti-poaching efforts in Mozambique’s Niassa Reserve

ENVIRONMENT

The YAO Crochet Project, a women-empowered knitting venture which trains the community in the Niassa Special Reserve in Mozambique to crochet and create toys and crafts, is creating a life-sized, metal elephant sculpture to heighten awareness and stir emotions around anti-poaching efforts in the reserve. Collaborating on the project’s creative execution are French metal sculptor, Jules Pennel; Zimbabwean metal sculptor and director of Luwire Conservancy, Derek Littleton; Mozambican artists and musicians, Norte and Jose Matola; and Mozambican metal sculptors, Cecília Paulo and Josina Estevão. The project is supported by the Metis Fund, an initiative by Agence Française de Développement. The…