Our website use cookies to improve and personalize your experience and to display advertisements (if any). Our website may also include cookies from third parties like Google Adsense, Google Analytics, and Youtube. By using the website, you consent to the use of cookies.

Mozambique president Nyusi has immunity in London ‘tuna bond’ case, court rules

Mozambique president Nyusi has immunity in London ‘tuna bond’ case, court rules

MOZAMBICAN President Filipe Nyusi cannot be sued in Britain over allegations he accepted unlawful payments as part of Mozambique's litigation over the decade-long "tuna bond" scandal, London's Court of Appeal ruled. Emirati-Lebanese shipbuilder Privinvest wanted to drag Nyusi into a $3.1-billion lawsuit brought by Mozambique, which accuses it of paying bribes to officials and Credit Suisse bankers. London's High Court has yet to rule on the case following a trial last year. Mozambique settled with Credit Suisse's new owner UBS on the eve of the trial in October. Shortly before last year's trial began, the High Court ruled that Nyusi had not been properly served…
Read More
Credit Suisse ends ‘tuna bond’ dispute with shipbuilder Privinvest

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,…
Read More
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

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

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

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…
Read More
Mozambique switches focus to Privinvest in ‘tuna bond’ case

Mozambique switches focus to Privinvest in ‘tuna bond’ case

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

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

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…
Read More
Mozambique ordered to open files in Credit Suisse, Privinvest ‘tuna bond’ case

Mozambique ordered to open files in Credit Suisse, Privinvest ‘tuna bond’ case

KIRSTIN RIDLEY and RACHEL SAVAGE A London judge ordered Mozambique to allow access to documents held in state offices or risk derailing a blockbuster London lawsuit against Credit Suisse, shipbuilder Privinvest and others over the $2 billion "tuna bond" case. The tuna bond or "hidden debt" scandal, one of Africa's most high-profile corruption cases of recent years, has triggered a spate of litigation from Maputo to Washington. But the London case could establish whether one of the world's poorest countries can secure compensation and restitution. Judge Robin Knowles, however, told the High Court in London that Mozambique had failed in…
Read More
Blow for Mozambique in 2 billion debt scandal case

Blow for Mozambique in 2 billion debt scandal case

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…
Read More