The
Mozambican state, through the Attorney-General’s Office (PGR), is suing the Abu
Dhabi based group Privinvest for its role in the country’s “hidden debts”.This
is the term used to describe the largest financial scandal ever to hit
Mozambique, in which the previous government, under the then President Armando
Guebuza, illicitly guaranteed loans for over two billion US dollars from the
banks Credit Suisse and VTB of Russia obtained by the fraudulent companies,
Proindicus, Ematum (Mozambique Tuna Company) and MAM (Mozambique Asset
Management).The loans were arranged under deals concocted by Privinvest,
notably by one of its senior managers, Jean Boustani, who is now under arrest
in the United States, awaiting trial on charges of conspiracy to commit money
laundering, wire fraud and securities fraud.
The
US indictment, against Boustani, former Mozambican Finance Minister Manuel
Chang, currently under South African police custody in Johannesburg, and three
former Credit Suisse executives, argues that the declared purpose of
Proindicus, Ematum and MAM – namely to boost Mozambican coastal security and to
set up a tuna fishing fleet – was just a façade, and the real intention behind
setting up the companies was illicit enrichment. The US investigations showed
that at least 200 million dollars of the loan proceeds were used to pay bribes
and kickbacks.Privinvest was the sole contractor for all three companies. The
fishing boats and speedboats provided were built in a Privinvest-owned shipyard
in the French port of Cherbourg. When the PGR hired the forensic auditing
company Kroll to audit the three companies in early 2017, Kroll found that the
invoices from Privinvest were grossly inadequate, running to no more than a
page in length. Kroll did its own estimate of the value of the assets provided
by Privinvest and found that the prices had been wildly inflated. Kroll put
this over-invoicing at around 700 million dollars.In addition, 500 million of
the 850 million dollars lent to Ematum could not be accounted for at all. It
was suggested that this money had been used to purchase military equipment, but
the Mozambican Defence Ministry denied receiving any such equipment, and Privinvest
claims that its contracts do not cover military equipment.The PGR is suing five
companies in the Privinvest group – namely Privinvest Shipbuilding S.A.L. Abu
Dhabi (Branch), Abu Dhabi Mar LLC, Privinvest Shipbuilding Investments LLC,
Logistics International SAL (Offshore), and Logistics International
Investments.
The
PGR is also suing Credit Suisse International and Credit Suisse AG, and the
three Credit Suisse former managers named in the US indictment, namely Andrew
Pearse, Surjan Singh and Detelvina Subeva. These three were all arrested in
London in January, on the basis of US warrants. They were released on bail, but
may well be extradited to New York.A source in the PGR told the independent
newssheet “Carta de Mocambique” that a civil suit against these companies and
individuals was deposited on Wednesday with the High Court of Justice/Queen’s
Bench Division, in London. The PGR is demanding that each of those named in the
suit compensate Mozambique for its losses in the corrupt scheme.
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