Mozambique seeks to bar hidden loan conspirators from eurobond restructure
Restructuring documentation seen by Zitamar contains an admission by Mozambique and its advisers that the EMATUM guarantee was never valid
Browsing: VTB Capital
Mozambique restructures one, rejects another ‘criminally’ guaranteed loan
The Mozambique government will refuse to honour the ProIndicus loan, as it was “criminally-obtained” - but is close to restructuring the MAM loan guaranteed under similar circumstances.
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Mozambique close to MAM restructure deal, but will let ProIndicus go bankrupt
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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Chang indictment will affect creditor negotiations, says Mozambique PM
A criminal indictment in the US over Mozambique’s $2.2 billion hidden debt scandal will affect negotiations between the Mozambican government and the holders of the loans that financed the deals, Prime Minister Carlos Agostinho do Rosário said yesterday.
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Government turned to central bank to fund 2016 ‘hidden debt’ repayments
The government borrowed nearly $200 million from the Bank of Mozambique in three separate loans in 2016 to cover repayments on the EMATUM bonds and ProIndicus syndicated loan, according to a recently released audit of the government’s accounts from that [...]
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Aid for debt; oil, money, and global security: An interview with Russia’s Ambassador to Mozambique
In November 2017 Russia donated $40 million to a school feeding programme in Mozambique via an innovative debt swap structure. Under the agreement, the debt repayments that Mozambique owes to Russia will go to a World Food Programme (WFP) project that aims [...]
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US investigators have ‘great leverage’ over banks suspected of Mozambique corruption
An investigation by the United States Department of Justice and the Federal Bureau of Investigations (FBI) into the ProIndicus, EMATUM and MAM deals could have major repercussions for the three banks involved - but is unlikely to have direct implications [...]
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Mozambique lenders kept interest rates low through hefty ‘contractor fees’
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
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Mozambique currency strengthens as ‘hidden debts’ go unpaid
Mozambique has slipped further into arrears on its $2 billion in ‘hidden’ debt after missing the second payment on a government-guaranteed $535 million loan taken out by Mozambique Asset Management (MAM) today. However, the de facto policy of non-payment [...]
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Latest Mozambique leak puts Nyusi at centre of ProIndicus scandal
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
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