Mozambique is set to recover over $825 million from the $2 billion “tuna bonds” fraud scandal that devastated the nation’s finances. The southern African country had sued the Gulf shipbuilder Privinvest in the UK with a High Court in London ruling in its favor and awarding damages. The fraud involved loans intended for tuna boats and maritime projects, which were misused, leading to a financial crisis and government debt default. Privinvest was found to have bribed former finance minister Manuel Chang to approve the loans. Privinvest claimed the ruling was unfair and plans to appeal. Mozambique also sued Credit Suisse and Russia’s VTB, other key players in the scandal. It settled with Credit Suisse last year before the case began and with VTB recently.
SOURCE: FT
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