Browsing: Privinvest

Kroll Report 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
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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