“The government deceived us” by not
disclosing the debts with state guarantee contracted by various public
companies in 2012 and 2014, said the vice president of Russia’s VTB bank about
the loan to Mozambique.In an interview with Bloomberg news agency, Yuri
Soloviev, head of VTB Capital and first deputy chief executive officer of VTB
Group, said the institution had been deceived because the state-guaranteed
debts of several public companies were not disclosed to investors and the
International Monetary Fund (IMF) by the government of Mozambique.Soloviev said
that VTB was no longer the holder of the debt, but that it had not abandoned
investors “since we are responsible, as agents of the loans and in the issuance
of foreign-currency debt “.VTB and Credit Suisse both helped restructure the
Mozambican debt, but the operation was kept undisclosed by the Mozambique
government until April 2016, when the Minister of Economy and Finance
acknowledged the debt druing the IMF Spring
Meetings in Washington.The IMF, the World Bank and several countries
then suspended the financing of projects in Mozambique, giving rise to the
current economic and financial crisis.
Yuri Soloviev (first sitting from the
left) listens to Russian President Vladimir Putin deliver a speech during the
annual VTB Capital “Russia Calling!” Investment
Forum in Moscow, Russia, October 12, 2016.
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