Browsing: Privinvest

Finance Maputo's downtown financial district. Photo © Tom Bowker / Zitamar News
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The Mozambican authorities are working with the International Monetary Fund (IMF) to find a way to stem a series of sovereign defaults which could cause a crisis in the domestic banking system if the next debt payment is missed in March, Zitamar [...]

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Economy EMATUM's fishing boats rusting in Maputo harbour. Photo © Timothy Haccius / Zitamar News
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Tuna fishing was used as a front to borrow additional funds for the true aim of financing a large-scale national security project, the CEO of the three Mozambican maritime companies which borrowed $2 billion with sovereign guarantees in 2013-14 has told a [...]

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Economy A ProIndicus maritime defence vessel in the port of Pemba, northern Mozambique. Photo © Zitamar News
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Mozambique’s Ministry of Finance confirmed this week that the $535 million loan to Mozambique Asset Management (MAM) was arranged by VTB Capital and Palomar Capital Advisors, a subsidiary of the Privinvest Group which won the $2 billion worth of contracts [...]

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Economy EMATUM's fishing boats rusting in Maputo harbour. Photo © Timothy Haccius / Zitamar News
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The holders of Mozambique’s 2023 sovereign bond want to find out what happened to the money borrowed by ProIndicus and Mozambique Asset Management (MAM) before they agree to any restructure of the sovereign bond, an adviser to the bondholders has told [...]

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Business Some of the patrol boats bought by EMATUM or ProIndicus. Photo © Tom Bowker  / Zitamar News
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Private investigations company Kroll has been handed the contract to conduct an audit into the three Mozambican companies that borrowed $2 billion with government guarantees to spend on offshore security and tuna fishing projects - all supplied by [...]

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Economy A ProIndicus maritime defence vessel in the port of Pemba, northern Mozambique. Photo © Zitamar News
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Negotiations are still ongoing between Mozambique Asset Management, the company which borrowed $535 million to finance two shipyards in Mozambique, and its creditors, who are waiting on a delayed payment on the loan, finance minister Adriano Maleiane told [...]

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