Browsing: ProIndicus

Economy EMATUM's fishing boats rusting in Maputo harbour. Photo © Timothy Haccius / Zitamar News
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Mozambique has reached a new restructure agreement with the holders of the majority its sovereign bond — bringing forward the amortisation date by two years and paying higher interest rates than the two sides agreed last November, but eliminating a [...]

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Hidden Debts dossier Former Finance Minster Manuel Chang addressing a Frelimo party meeting on 27 February 2017. Photo © Alexandre Nhampossa / Zitamar News
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Former finance minister Manuel Chang will be returned to Mozambique rather than extradited to the United States, the South African justice minister said yesterday, in a ruling which has no reasonable chance of being overturned, according to a South African [...]

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Economy Mozambique finance minister Adriano Maleiane testifying in parliament regarding ProIndicus, EMATUM, and MAM, 18 May 2016
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The Mozambique government intends to disregard the sovereign guarantee it signed on the $622 million loan for offshore security company ProIndicus, and let it go bankrupt - but has reached an agreement in principle to restructure a similar loan made to ProIndicus’ sister company MAM, the [...]

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Hidden Debts dossier President Filipe Nyusi (right) at the book launch of 'The Great Corruption' by Hélio Filimone, February 2019
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Filipe Nyusi selected Credit Suisse to finance the offshore security contracts in what became known as Mozambique’s ‘hidden debts’ when he was defence minister in 2013, according to a newspaper report based on a letter supposedly signed by Nyusi, asking [...]

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Hidden Debts dossier Andrew Pearse leaving court on 29 March 2019. Photo: Tim Jones / Jubilee Debt Campaign
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The full extradition case for the three ex-Credit Suisse bankers accused of fraud and money laundering charges in the United States over Mozambique’s $2 billion of hidden debts will be heard in November, a London court heard today. Andrew Pearse, Surjan Singh and Detelina Subeva were granted [...]

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Economy Some of the patrol boats bought by EMATUM or ProIndicus. Photo © Tom Bowker  / Zitamar News
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Mozambique is calling for a British court to rule the guarantee granted by the Ministry of Finance to the offshore security company ProIndicus illegal, the office of the Prosecutor-General (PGR) said on Friday. The country also wants to be compensated, with interest, for all losses it has [...]

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