Browsing: Palomar Capital Advisors

Economy The Bank of Mozambique. Photo © Timothy Haccius / Zitamar News
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The government borrowed nearly $200 million from the Bank of Mozambique in three separate loans in 2016 to cover repayments on the EMATUM bonds and ProIndicus syndicated loan, according to a recently released audit of the government’s accounts from that [...]

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Hidden Debts dossier Credit Suisse arranged the ProIndicus and EMATUM loans, and the first EMATUM refinancing
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The Mozambique maritime companies that took out $2 billion in ‘hidden loans’ in 2013 and 2014 paid more than $140 million to lenders to make their loans look cheap enough to win government guarantees, the
Hidden Debts dossier EMATUM's fishing boats rusting in Maputo harbour. Photo © Timothy Haccius / Zitamar News
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The banks and financial advisory firm which arranged $2 billion of loans to three Mozambican maritime security companies charged a total of $126 million in fees, it has emerged. The fees were charged for arranging [...]

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Business Privinvest boats visible behind the wall of the shipyard taken over by MAM in Maputo. Photo © Zitamar News, May 2017
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Mozambique Asset Management, the company which borrowed $535 million in secret with state guarantees to build and repair boats, has now taken possession of the shipyard in Maputo harbour that it needs in order to start becoming an operating [...]

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Economy The Bank of Mozambique seen behind a dilapidated building in Maputo's downtown. © Nuno Rosario via Flickr
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Mozambique has slipped further into arrears on its $2 billion in ‘hidden’ debt  after missing the second payment on a government-guaranteed $535 million loan taken out by Mozambique Asset Management (MAM) today. However, the de facto policy of non-payment [...]

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Politics Filipe Nyusi addressing the Frelimo parliamentary party, 27 February 2017. Photo © Alexandre Nhampossa / Zitamar News
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A fresh leak of documents related to Mozambique’s ruinous and potentially illegal maritime security scheme in 2013-14 appear to confirm that the country’s current President, Filipe Nyusi, was one of the architects of the deals - as reported last year
Politics An Ocean Eagle surveillance trimaran supplied to Mozambique under the EMATUM or ProIndicus deals. Photo: CMN
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The company conducting an international audit into Mozambique’s three maritime security companies that borrowed $2 billion with sovereign guarantees, has been given another month’s extension to complete its report, originally due at the end of [...]

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