Browsing: ProIndicus

Hidden Debts dossier
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Boustani trial provides ‘roadmap’ for future claims despite jury’s acquittal

The acquittal of Privinvest’s Jean Boustani of three counts of conspiracy to commit wire fraud, securities fraud, and money laundering has disappointed many who want to see repercussions for those who arranged Mozambique’s ‘hidden debts’ — but it is not the end of legal claims and [...]

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Hidden Debts dossier
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Maputo Port denies ‘hidden debts’ payment claim

The Maputo Port Development Company has said it has full confidence in its chief executive, Osorio Lucas, who was last week accused of taking money from Lebanese shipbuilder Privinvest as part of the ‘hidden debts’ deals done by that company in Mozambique. The [...]

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Daily Briefing
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Zitamar Daily Briefing, 30 October

Welcome to Zitamar’s daily Mozambique briefing for 30 October, 2019


Economy
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Mozambique completes bond restructure as corruption allegations worsen

The restructure of Mozambique’s sovereign bond concluded today — just days after allegations emerged that Mozambique’s ruling party, Frelimo, received $10 million from Privinvest, the company which received the ‘hidden debts’ proceeds that Mozambique is now struggling to repay. Tomorrow, [...]

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Economy
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Hiding debts from IMF made Maleiane vulnerable to creditors, Pearse tells court

Finance minister’s decision to hide debts from the IMF weakened the country’s position vis-a-vis EMATUM bondholders, disgraced banker says Mozambique finance minister Adriano Maleiane’s failure to disclose the ProIndicus and MAM loans to the IMF in 2015 was seen as a weakness that [...]

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Economy
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Mozambique calls on creditors to accept eurobond restructure by 6 September

Participating creditors will be required to confirm ‘bona fides’ with respect to ProIndicus, EMATUM and MAM transactions The Mozambique finance ministry today launched its formal call for investors in its dollar-denominated sovereign bond to accept the
Economy
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Gas hook taken out of Mozambique tuna bond

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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