Mozambique to get $825m after win in ‘tuna bond’ fraud case
TLDR
- Mozambique wins $3.1 billion judgment against Privinvest in London's High Court over "tuna bond" scandal.
- Court rules substantially in favor of Mozambique, highlighting exploitation by institutions and corporations.
- Privinvest owner Iskandar Safa ordered to pay $825 million, with additional indemnity owed to lenders and bondholders.
Mozambique has secured a $3.1 billion judgment against shipbuilding company Privinvest in London’s High Court over bribes the country alleged the company paid to its officials and Credit Suisse bankers as part of the "tuna bond" scandal.
Reuters reported that the court ruled “substantially in favor” of Mozambique in the lawsuit. Judge Robin Knowles stated that Mozambique had been exploited by developed institutions and corporations that should have known better.
Knowles determined that Mozambique is entitled to $825 million from Privinvest owner Iskandar Safa. In addition, the company owes lenders and bondholders an indemnity of just over $1.5 billion.
Points clés à retenir
The case focused on agreements between state-owned entities and Privinvest for maritime security and fishing vessel projects. These were financed through loans and bonds from various banks, including Credit Suisse, and were secretly guaranteed by the state. However, a substantial portion of the funds vanished, and when the government's debt was revealed in 2016, it led to a series of economic crises. International donors, such as the IMF, temporarily suspended aid, causing the currency to plummet, defaults to occur, and financial instability to ensue. Mozambique filed suit against multiple parties, including Credit Suisse (now part of UBS), three former Credit Suisse employees who had admitted guilt in the US, Privinvest, Safa, and others.
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