Mozambique: Work on the bridge over the Luchesse River completed in two weeks
JUST IN: Mozambique settles macroeconomic loss claim over “tuna bonds”
1:04 CAT | 05 Oct 2023
FILE - Iskandar Safa , CEO and co-founder of Privinvest. [File photo: Privinvest]
Mozambique has stripped an undisclosed chunk from its claim against Emirati-Lebanese shipbuilder Privinvest over the “tuna bonds” scandal, just days after settling its case against Credit Suisse, London’s High Court heard on Thursday.
The latest deal draws a line under the costs the African republic was claiming from Privinvest for macroeconomic losses.
Mozambique’s lawyer Jonathan Adkin said on Thursday that the republic had reached a settlement with Privinvest, which had led to the “removal of the economic loss issue” from the case.
Adkin did not give a figure for that portion of Mozambique’s claim, but court filings show the republic was seeking around $830 million for losses suffered between 2016 and 2018.
The settlement comes three days after Credit Suisse’s new owner UBS resolved its dispute
What’s the strategy here then? Moz was seeking $2.7bn, then $830m, now nothing… But no settlement, just a unilateral move. https://t.co/KNhVPckn36 pic.twitter.com/Q7monTs9kN
— Tom Bowker (@TomBowk) October 5, 2023
Source: Reuters
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