Browsing: VTB Capital

Economy
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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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Economy
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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. The [...]

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Economy
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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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Agriculture
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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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Hidden Debts dossier
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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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Hidden Debts dossier
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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
Economy
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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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Politics
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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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