Mozambique: State adds heirs of Privinvest owner Iskandar Safa to London case

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Mozambique: State adds heirs of Privinvest owner Iskandar Safa to London case

10:37 CAT | 18 Jun 2025

File photo: Reuters

A British court has authorised Mozambique to include the heirs of businessman Iskandar Safa, who died last year, in the hidden debts case to force the payment of €1.6 billion in compensation.

Safa and the construction company Privinvest, which he owned, were found guilty last year of bribing former Mozambican Finance Minister Manuel Chang to sign state guarantees on bank loans taken out by public companies Proinducus, Ematum and MAM in 2013 and 2014 to buy ships and maritime surveillance equipment in 2013.

In the judgment issued in July of last year at the London Commercial Court, Knowles ordered the naval group to pay around $1.9 billion in damages.

Iskandar Safa died on 29 January 2024, before the sentence was handed down, and the Mozambican Attorney General’s Office, which is representing the Mozambican State in this case, asked for authorisation to add his widow, Clara Martinez Thedy de Safa, and his sons, Akram Safa and Alejandro Safa, as defendants to continue the case.

In the ruling published on Monday, Judge Robin Knowles emphasised that allowing the case to proceed was essential to complete the judicial process and avoid an unfair outcome, in which the original ruling would have had no legal effect in Lebanon or elsewhere, as Lebanese law does not recognise the legal personality of deceased persons or their inheritances.

The court granted authorisation for the inclusion of new defendants, the amendment of proceedings and service outside British jurisdiction, and indicated that any remaining ancillary issues would be dealt with at a later date.

In April, the same judge authorised Privinvest to proceed with an appeal, which has yet to be heard.

READ: Just In: UK court says shipbuilder Privinvest can appeal over ‘tuna bond’ case

Iskandar Safa, co-founder and CEO of Privinvest has died

Just in: Ex-Credit Suisse banker lied in Mozambique fraud plea, Safa says

Source: Lusa