Browsing: Privinvest

Economy A view from outside Kroll's London office. Photo: Google Streetview
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Mozambique’s Attorney General published an updated version of the Kroll audit into the ProIndicus, EMATUM, and MAM deals late on Monday, after protests from the lawyers of Privinvest, the contractor on all three deals, and Palomar, a financial advisory firm [...]

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Hidden Debts dossier Credit Suisse arranged the ProIndicus and EMATUM loans.
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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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Politics & 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 three project companies that received almost $2 billion as part of Mozambique’s hidden loans scandal have been strongly criticised by international investigations company Kroll for their failure to meet the basic requirements needed to make them [...]

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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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Politics & Economy Some of the patrol boats bought by EMATUM or ProIndicus. Photo © Tom Bowker  / Zitamar News
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The decision by the Mozambique Parliament last week to approve the 2015 accounts - which included the $1,157 million in government guarantees for the loans taken out by maritime security companies ProIndicus and MAM in 2013 and 2014 - appears to be the [...]

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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