Moza Banco shareholders announce capital increase
Ematum, the public company involved in Mozambique’s ‘hidden debt’ scandal, has given birth to a new company, Tunamar, in partnership with the US company Frontier Service Group (FSG), Mozambican prime minister Carlos Agostinho do Rosário announced yesterday after the parliamentary debate of the General State Account (CGE) of 2016.
The agreement between the companies would ensure the vessels belonging to the former public company became totally operational later this year, he said.
Ematum and FSG chairman Erik Prince signed a partnership agreement last December in Maputo.
Together with ProIndicus and MAM, Ematum benefited from more than two billion dollars of undisclosed state-guaranteed debt taken on in 2013 and 2014. The discovery of the debt revealed that Mozambique’s public debt was above levels considered sustainable.
Ematum used the money to buy 24 tuna-fishing boats, but its activity, like that of Proindicus and MAM, was dubbed nominal by the international audit requested by the Mozambican Attorney General’s Office (PGR), which still has an open investigation into the case.
The fate of the money, equivalent to about one-eighth of the country’s annual gross domestic product, and the identities of those responsible for the process remain unclear.Source: Lusa