Browsing: Hidden Debts dossier

Economy EMATUM's fishing boats rusting in Maputo harbour. Photo © Timothy Haccius / Zitamar News
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Mozambique has reached a new restructure agreement with the holders of the majority its sovereign bond — bringing forward the amortisation date by two years and paying higher interest rates than the two sides agreed last November, but eliminating a [...]

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Hidden Debts dossier Former Finance Minster Manuel Chang addressing a Frelimo party meeting on 27 February 2017. Photo © Alexandre Nhampossa / Zitamar News
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Former finance minister Manuel Chang will be returned to Mozambique rather than extradited to the United States, the South African justice minister said yesterday, in a ruling which has no reasonable chance of being overturned, according to a South African [...]

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Economy Mozambique finance minister Adriano Maleiane testifying in parliament regarding ProIndicus, EMATUM, and MAM, 18 May 2016
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The Mozambique government intends to disregard the sovereign guarantee it signed on the $622 million loan for offshore security company ProIndicus, and let it go bankrupt - but has reached an agreement in principle to restructure a similar loan made to ProIndicus’ sister company MAM, the [...]

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Hidden Debts dossier President Filipe Nyusi (right) at the book launch of 'The Great Corruption' by Hélio Filimone, February 2019
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Filipe Nyusi selected Credit Suisse to finance the offshore security contracts in what became known as Mozambique’s ‘hidden debts’ when he was defence minister in 2013, according to a newspaper report based on a letter supposedly signed by Nyusi, asking [...]

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Hidden Debts dossier Andrew Pearse leaving court on 29 March 2019. Photo: Tim Jones / Jubilee Debt Campaign
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The full extradition case for the three ex-Credit Suisse bankers accused of fraud and money laundering charges in the United States over Mozambique’s $2 billion of hidden debts will be heard in November, a London court heard today. Andrew Pearse, Surjan Singh and Detelina Subeva were granted [...]

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Economy Some of the patrol boats bought by EMATUM or ProIndicus. Photo © Tom Bowker / Zitamar News
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Mozambique is calling for a British court to rule the guarantee granted by the Ministry of Finance to the offshore security company ProIndicus illegal, the office of the Prosecutor-General (PGR) said on Friday. The country also wants to be compensated, with interest, for all losses it has [...]

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Hidden Debts dossier Former Finance Minster Manuel Chang addressing a Frelimo party meeting on 27 February 2017. Photo © Alexandre Nhampossa / Zitamar News
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A final decision on whether to send former Mozambican finance minister to Mozambique or the United States “will be made once the court process has run its course,” South Africa’s Ministry of Justice said today, after the South African foreign minister said a decision had already been taken to [...]

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Hidden Debts dossier Graça Machel. Image from www.fdc.org.mz
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Graça Machel, a major political figure in Mozambique and widow of Mozambique’s first president Samora Machel, and of Nelson Mandela, has written to Credit Suisse urging it absolve Mozambique of the responsibility to repay the $2 billion in debt that it helped arrange for companies owned by [...]

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