Browsing: FCA

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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Economy Privinvest boats visible behind the wall of the shipyard taken over by MAM in Maputo. Photo © Zitamar News, May 2017
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The head of Russian bank VTB which - along with Swiss bank Credit Suisse - arranged $2 billion in lending to Mozambique which is now in default, has said he is planning to meet the president of Mozambique “soon” to try and persuade the country to negotiate [...]

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Coal Former Rio Tinto CEO Tom Albanese. Photo © World Economic Forum / Michael Wuertenberg
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Rio Tinto, its former CEO Tom Albanese, and former CFO Guy Elliott have been charged with fraud by the United States’ Securities and Exchange Commission over the company’s acquisition of coal mines in Mozambique’s Tete province, which lost the company [...]

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Hidden Debts dossier Some of the patrol boats bought by EMATUM or ProIndicus. Photo © Tom Bowker  / Zitamar News
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Forensic auditors Kroll have called on the UK and Swiss financial authorities to investigate the three deals that saw Mozambican state-owned companies secretly borrow $2 billion to purchase maritime security hardware and technology.

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