The Web of Mozambique’s Dodgy Tuna Loans

Russian state lender VTB has filed a lawsuit in Britain’s High Court against a Mozambican government company it lent hefty sums to as part of a project now at the centre of a $2 billion debt scandal. The filing, dated Dec. 23, names as defendants the Mozambique state and Mozambique Asset Management, which took a $535 million loan from VTB as part of a costly project that U.S. authorities say was an elaborate front for a bribery and kickback scheme. Credit Suisse and VTB provided or arranged a total of around $2 billion for the project, encompassing tuna fishing, maritime security and shipyard development. Hundreds of millions of dollars went missing, while the benefits never materialised.

SOURCE: REUTERS AFRICA

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