Mozambique Asset Management (MAM), the opaque state-owned company that is in arrears on a $535 million government-guaranteed loan, has yet to start generating revenues thanks in part to regulatory issues in Mozambique stopping it beginning operations. The company paid its supplier, Privinvest, half a billion dollars in 2014 to build two shipyards – one in…...

A ProIndicus maritime defence vessel in the port of Pemba, northern Mozambique. Photo © Zitamar News