Browsing: Hidden Debts dossier

Economy
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Maleiane promised to honour all ‘hidden debts’ if court would rule them legal — report

Mozambique would have converted the $535 million MAM loan into sovereign debt if any Mozambican court had deemed the government guarantee for the MAM loan legal, finance minister Adriano Maleiane told the Russian lender, VTB, in a meeting in early 2018, according [...]

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Hidden Debts dossier
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Boustani trial provides ‘roadmap’ for future claims despite jury’s acquittal

The acquittal of Privinvest’s Jean Boustani of three counts of conspiracy to commit wire fraud, securities fraud, and money laundering has disappointed many who want to see repercussions for those who arranged Mozambique’s ‘hidden debts’ — but it is not the end of legal claims and [...]

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Hidden Debts dossier
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Maputo Port denies ‘hidden debts’ payment claim

The Maputo Port Development Company has said it has full confidence in its chief executive, Osorio Lucas, who was last week accused of taking money from Lebanese shipbuilder Privinvest as part of the ‘hidden debts’ deals done by that company in Mozambique. The [...]

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Economy
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Mozambique completes bond restructure as corruption allegations worsen

The restructure of Mozambique’s sovereign bond concluded today — just days after allegations emerged that Mozambique’s ruling party, Frelimo, received $10 million from Privinvest, the company which received the ‘hidden debts’ proceeds that Mozambique is now struggling to repay. Tomorrow, [...]

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Hiding debts from IMF made Maleiane vulnerable to creditors, Pearse tells court

Finance minister’s decision to hide debts from the IMF weakened the country’s position vis-a-vis EMATUM bondholders, disgraced banker says Mozambique finance minister Adriano Maleiane’s failure to disclose the ProIndicus and MAM loans to the IMF in 2015 was seen as a weakness that [...]

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Mozambique calls on creditors to accept eurobond restructure by 6 September

Participating creditors will be required to confirm ‘bona fides’ with respect to ProIndicus, EMATUM and MAM transactions The Mozambique finance ministry today launched its formal call for investors in its dollar-denominated sovereign bond to accept the

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Hidden Debts dossier
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Privinvest continues offshore logistics operation in Mozambique despite litigation

Privinvest, the contractor which supplied Mozambique’s controversial ‘hidden debts’ security companies, continues to do business in the country through a logistics subsidiary which provides services to offshore oil and gas operations, despite ongoing legal action [...]

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Hidden Debts dossier
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South Africa’s new justice minister seeks to overturn Chang extradition decision

The decision to extradite former Mozambican finance minister Manuel Chang to Mozambique made by former South African justice minister Michael Masutha in May looks set to be overturned, after the new justice minister concluded that it was unlawful and in violation of Southern African Development [...]

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Mozambique in Eurobond dilemma after ‘binding’ ruling voids EMATUM deal

Mozambique’s government says it is seeking legal advice on the implications of restructuring a sovereign Eurobond that it sold in 2016 to refinance a loan for tuna fishing and offshore security company EMATUM, after the Constitutional Council ruled the [...]

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