MOZAMBIQUE’S PRESIDENT NYUSI SUED IN UK OVER $2 BN DEBT SCANDAL

Fri 29 October 2021:

Mozambique’s President Filipe Nyusi is being sued in London by a firm at the centre of a $2-billion loan scandal that plunged his nation into financial crisis.

Abu Dhabi-based shipbuilder Privinvest, owned by French-Lebanese billionaire Iskandar Safa, signed contracts with Mozambican state companies to supply tuna fishing and maritime security vessels.

To finance the deal, the government took out secret loans in 2013 and 2014 equivalent to 12 percent of the gross domestic product of one of the poorest countries in the world.

Much of the money disappeared in kickbacks and bribes, and the country later defaulted on repayments.

The transactions were made before Nyusi was elected, and Privinvest has denied paying bribes to secure the contracts, claiming that the payments were legal political contributions in Mozambique at the time.

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