Browsing: Credit Suisse

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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Kroll Report 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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Kroll Report Manuel Chang in court in Johannesburg on 8 January 2018. Photo © Zitamar News
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Mozambique’s request for the return of former finance minister Manuel Chang, currently under arrest in South Africa, is not connected to his involvement in the so-called ‘hidden debts’ but to other corruption allegations involving a Brazilian construction [...]

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Kroll Report The Theodore Roosevelt Federal Courthouse in Brooklyn, New York, where the 'hidden debt' case is being heard. Source: Wikipedia
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  • Next ‘status conference’ on the case to be held in two weeks
  • “Complex case” removes need for a speedy trial
United States prosecutors have more than 10,000 emails dating back to 2011 supporting their case against Jean Boustani of [...]

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Economy Prime Minister Carlos Agostinho do Rosário and Deputy Finance Minister Maria Isaltina Lucas at a briefing on 1 March 2017. Photo © Alexandre Nhampossa  / Zitamar News
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A criminal indictment in the US over Mozambique’s $2.2 billion hidden debt scandal will affect negotiations between the Mozambican government and the holders of the loans that financed the deals, Prime Minister Carlos Agostinho do Rosário said yesterday. The [...]

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Daily Briefing Photo © Tom Bowker / Zitamar News
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Welcome to a special catch-up briefing as Zitamar returns after the New Year break. Below, we summarise and analyse the developments from the big story breaking in Mozambique over the New Year - the arrest of former finance minister Manuel Chang and four others in connection with the [...]

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Economy EMATUM's fleet in Maputo harbour, March 2018. Photo © Tom Bowker / Zitamar News
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Mozambique is currently in negotiations with the International Monetary Fund for an unfunded staff-monitored programme (SMP) to start at the beginning of 2019, which could lead to the financial support restarting later that year.

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