Jump to navigation

Vol 65 No 16

Published 2nd August 2024


Mozambique

Privinvest on the hook

London’s High Court has awarded Mozambique over US$825 million and more than $1.5 billion in indemnity for payments relating to the country’s $2bn of state-guaranteed hidden loans, which led to sovereign default and a raft of litigation after the maritime projects they purported to finance never came to fruition. Justice Robin Knowles found ‘substantially in favour’ of Mozambique in its claims against United Arab Emirates-Lebanese shipbuilding company Privinvest and its late owner Iskandar Safa, which benefited from the contracts financed by the loans.

End of preview - This article contains approximately 319 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.