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Russia’s VTB: Kroll audit on fees earned in Mozambique was wrong
10:20 CAT | 27 Jun 2017
Reuters (File photo) / The logo of VTB bank is seen on the bank's headquarters in Kiev, Ukraine, July 4, 2016.
Russian bank VTB said on Monday risk management firm Kroll Inc had given deceptive and incorrect information about the amount of fees VTB had earned from arranging loans for companies in Mozambique.
Kroll conducted an independent audit of Mozambican debt following revelations about loans granted to three state-owned Mozambican companies in 2013 and 2014.
VTB helped arrange some of the loans, along with Swiss bank Credit Suisse.
The Russian bank said of one of the loans, to Mozambique Asset Management: “the economics, structure of the transaction, and all-in commission were in line with market pricing for a large underwritten bilateral financing in Sub-Saharan Africa”.
Source: Reuters
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