The Abu Dhabi based shipbuilding Group, Privinvest, which was at the centre of Mozambique’s so-called hidden debts, has just lost its appeal in the London Court, “for failure to comply with the order regarding the deposit of surety” regarding a legal dispute that it had with the government of Mozambi
Thank you for reading this post, don't forget to subscribe!A source from the Office of Mozambique’s Attorney General told SAVANA on Wednesday that, consequently, the conviction handed down in July 2024 by Judge Robin Knowles, of the Commercial Court in London, has become final in relation to Privinvest’s corporate entities, which are also liable to the State for the costs of the appeal.
“This decision relaunches the prospects for the implementation of adequate compensation to the Mozambican people for hidden debts,” the source said.
In July 2024, the London Court ordered the Privinvest Group to pay around USD1.9 billion for the losses caused to the Mozambican state. At the time, the Privinvest Group, founded by Iskandar Safa, a Frenchnational of Lebanese origin, filed an appeal.
At the time, the London Court ruled that Mozambique was the victim of a fraud and corruption scheme that defrauded the country of more than USD 2.2 billion, in a process in which the then Minister of Finance, Manuel Chang, signed the sovereign guarantees in violation of Mozambique budget laws.
Representing Mozambique is Prosecutor Angelo Matusse, working together with the Peters & Peters law firm.
