PRIVINVEST CONDEMNED OVER MOZAMBIQUE TUNA BONDS SCANDAL
August 1st, 2024
A UK High Court judge has condemned Emirati-Lebanese shipbuilder Privinvest over its role in the ‘tuna bond’ corruption scandal that landed Mozambique with USD2 billion in hidden debts, crashing its previously buoyant economy in 2016 when it defaulted on an IMF loan. In a July 29 written judgement (1) Mr Justice Robin Knowles upheld Mozambique’s case against Privinvest and its French owner Iskandar Safa, who died in January (2024), but not before giving evidence in the trial. It was held in the UK because the case involves sovereign guarantees issued by ...
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