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Mozambique’s $2bn scandal with shipping company Privinvest and Credit Suisse

By Olivier Holmey
Posted on Tuesday, 20 April 2021 11:49

Armando Guebuza (left) and Filipe Nyusi (right), former and current Mozambican presidents respectively, with Iskandar Safa (centre), CEO of Privinvest. JA editing: CARL COURT/AFP; Andrew TESTA/PANOS-REA; Henry Nicholls/REUTERS

For many months, Mozambique has been trying to avoid arbitration regarding its so-called 'hidden debt' scandal. But on 11 March, both Geneva and Zurich’s private courts obtained jurisdiction to examine the complaint filed by Mozambique against Privinvest, the shipbuilding company at the heart of the scandal. We accessed the files of the parties on trial, which could potentially implicate many people.

Maputo has battled for many months to avoid the arbitration scenario. In the London Court of Appeal, Mozambique’s lawyer Nathan Pillow pleaded at length for “justice to take place in the open and not behind closed doors.”