{"id":48171,"date":"2023-10-08T19:20:36","date_gmt":"2023-10-08T19:20:36","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb"},"modified":"2023-10-08T19:32:28","modified_gmt":"2023-10-08T19:32:28","slug":"mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb","title":{"rendered":"Mozambique to push ahead with \u2018hidden debt\u2019 case against Privinvest, VTB"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique will continue to seek compensation from the shipbuilding firm Privinvest and Russian bank VTB following its out-of-court settlement reached with Credit Suisse over the so-called \u201chidden debt\u201d scandal, officials said Monday.<\/p>\n

The Swiss bank UBS, which took over Credit Suisse earlier this year, and Mozambique announced the last-minute deal on Sunday to avoid a trial clash.<\/p>\n

The case dates to 2013, when Credit Suisse granted loans to state-owned companies intended to finance maritime surveillance, tuna fishing and shipyard projects, but some of the cash was misappropriated for bribes.<\/p>\n

The government hid the debt from parliament, with the loans from several banks, including Credit Suisse, estimated at around $2 billion.<\/p>\n

But Mozambique\u2019s deputy attorney-general, Angelo Matusse, said the accord with Credit Suisse did not apply to other firms being pursued in the scandal.<\/p>\n

\u201cOther parties did not participate in the agreement,\u201d Matusse said a press conference in Maputo.<\/p>\n

\u201cThis means that the process will continue in London,\u201d he said, listing Privinvest, based in Abu Dhabi, and VTB as targets for further legal action.<\/p>\n

\u201cThe state spent resources and remains committed to seeking compensation for this expense from those who caused it,\u201d Matusse said.<\/p>\n

When the scandal broke in 2016, it sparked Mozambique\u2019s worst economic crisis since independence from Portugal.<\/p>\n

The IMF and World Bank suspended their financial support and the country defaulted on its sovereign debt.<\/p>\n

An independent audit later found $500 million had been diverted and remains unaccounted for.<\/p>\n

The deal with UBS was announced ahead of the start of a civil trial that was to begin in London\u2019s High Court on Monday.<\/p>\n

\u201cThe agreement opens space to restore the confidence of international investors in the Mozambican financial market and to strengthen existing ties between Mozambique and global financial institutions,\u201d Finance Minister Max Tonela said.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Mozambique will continue to seek compensation from the shipbuilding firm Privinvest and Russian bank VTB following its out-of-court settlement reached with Credit Suisse over the so-called \u201chidden debt\u201d scandal, officials said Monday. The Swiss bank UBS, which took over Credit Suisse earlier this year, and Mozambique announced the last-minute deal on Sunday […]<\/p>\n","protected":false},"author":84,"featured_media":48170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-48171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nMozambique to push ahead with \u2018hidden debt\u2019 case against Privinvest, VTB - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique will continue to seek compensation from the shipbuilding firm Privinvest and Russian bank VTB following its o ...\" \/>\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\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mozambique to push ahead with \u2018hidden debt\u2019 case against Privinvest, VTB\" \/>\n<meta property=\"og:description\" content=\"Mozambique will continue to seek compensation from the shipbuilding firm Privinvest and Russian bank VTB following its o ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb\" \/>\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=\"2023-10-08T19:20:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-08T19:32:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/10\/sm_1696780903.275115.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1680\" \/>\n\t<meta property=\"og:image:height\" content=\"1120\" \/>\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\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mozambique to push ahead with \u2018hidden debt\u2019 case against Privinvest, VTB\",\"datePublished\":\"2023-10-08T19:20:36+00:00\",\"dateModified\":\"2023-10-08T19:32:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb\"},\"wordCount\":318,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/10\/sm_1696780903.275115.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-push-ahead-with-hidden-debt-case-against-privinvest-vtb\",\"name\":\"Mozambique to push ahead with \u2018hidden debt\u2019 case against Privinvest, VTB - 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