{"id":2861,"date":"2021-07-21T16:23:13","date_gmt":"2021-07-21T16:23:13","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=2861"},"modified":"2021-07-21T15:45:12","modified_gmt":"2021-07-21T15:45:12","slug":"just-in-hidden-debts-london-trial-scheduled-for-2023-lusa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-hidden-debts-london-trial-scheduled-for-2023-lusa","title":{"rendered":"\u2019 Hidden debts\u2019 London trial scheduled for 2023"},"content":{"rendered":"

Africa-Press<\/a> – Mozambique<\/a>. <\/strong><\/span>The trial of Mozambique\u2019s \u201chidden debts\u201d case in British courts is not expected to begin until 2023, a judge at London\u2019s High Court ruled on Wednesday.<\/p>\n

After hearing arguments over two days on how to move forward with the case that began in 2019, judge Robin Knowles decided to bring most of the issues at stake together in a single hearing, which will last for three months, on dates yet to be determined.<\/p>\n

The Republic of Mozambique\u2019s lawyer, Joe Smouha, had initially proposed a phased approach to the proceedings, but the other parties rejected this option.<\/p>\n

The Mozambican Attorney General\u2019s Office started a civil action in British courts in 2019 to try to write off the $622 million (\u20ac528 million at the current exchange rate) debt owed by state-owned company ProIndicus to the Credit Suisse bank and seek compensation to cover all losses resulting from the hidden debts scandal.<\/p>\n

The Mozambican state\u2019s hidden debts of around US$2.2 billion (\u20ac1.9 billion at current exchange rates) were incurred between 2013 and 2014, in the form of loans with the British subsidiaries of investment banks Credit Suisse and VTB, on behalf of Mozambican state companies Proindicus, Ematum and MAM.<\/p>\n

The financing was intended to purchase tuna fishing boats and maritime security equipment and services provided by the companies of the Privinvest shipping group.<\/p>\n

The Attorney General\u2019s Office alleges that the loans resulted from corrupt payments to senior Mozambican officials, with former President Armando Guebuza, his eldest son Armando Ndambi Guebuza, former Mozambican Finance Minister Manuel Chang, former Director of Economic Intelligence of SISE Ant\u00f3nio Carlos do Ros\u00e1rio, and former Director of the e State Intelligence and Security Services (SISE) Greg\u00f3rio Le\u00e3o being named.<\/p>\n

The current president of Mozambique, Filipe Nyusi, was also called to testify.<\/p>\n

In March, the Court of Appeal of England and Wales granted the request of the Privinvest Group, which denies having made corrupt payments, for the issue of the validity of the contracts to be decided by arbitration in the Swiss courts.<\/p>\n

The case has become more complex since the aggregation of several separate actions, namely by banks VTB, Banco Comercial Portugu\u00eas, United Bank for Africa, Banco Internacional de Mo\u00e7ambique, by Beauregarde Holdings and by Orobica Holdings, against the Republic of Mozambique for having suspended payment of the debts, to the detriment of their financial interests in the contracts.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The trial of Mozambique\u2019s \u201chidden debts\u201d case in British courts is not expected to begin until 2023, a judge at London\u2019s High Court ruled on Wednesday. After hearing arguments over two days on how to move forward with the case that began in 2019, judge Robin Knowles decided to bring most of […]<\/p>\n","protected":false},"author":84,"featured_media":2860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12,16],"tags":[233,281,283],"class_list":["post-2861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\n\u2019 Hidden debts\u2019 London trial scheduled for 2023 - Mozambique<\/title>\n<meta name=\"description\" content=\"The trial of Mozambique\u2019s \u201chidden debts\u201d case in British courts is not expected to begin until 2023, a judge at London\u2019s ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-hidden-debts-london-trial-scheduled-for-2023-lusa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2019 Hidden debts\u2019 London trial scheduled for 2023\" \/>\n<meta property=\"og:description\" content=\"The trial of Mozambique\u2019s \u201chidden debts\u201d case in British courts is not expected to begin until 2023, a judge at London\u2019s ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-hidden-debts-london-trial-scheduled-for-2023-lusa\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-21T16:23:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/07\/img-60f83a33cdb39.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"729\" \/>\n\t<meta property=\"og:image:height\" content=\"431\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-hidden-debts-london-trial-scheduled-for-2023-lusa#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-hidden-debts-london-trial-scheduled-for-2023-lusa\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"\u2019 Hidden debts\u2019 London trial scheduled for 2023\",\"datePublished\":\"2021-07-21T16:23:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-hidden-debts-london-trial-scheduled-for-2023-lusa\"},\"wordCount\":403,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-hidden-debts-london-trial-scheduled-for-2023-lusa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/07\/img-60f83a33cdb39.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-hidden-debts-london-trial-scheduled-for-2023-lusa#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-hidden-debts-london-trial-scheduled-for-2023-lusa\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-hidden-debts-london-trial-scheduled-for-2023-lusa\",\"name\":\"\u2019 Hidden debts\u2019 London trial scheduled for 2023 - 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