Attorney General to hear former minister of finance on Ematum, MAM, Proindicus loans

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Attorney General to hear former minister of finance on Ematum, MAM, Proindicus loans

1:05 CAT | 30 Jun 2016

National Assembly Deputy Manuel Chang, who was minister of finance from 2010 to 2014, will be interviewed tomorrow (Friday) by the attorney general’s office in the context of the collection of information on the state-guaranteed debts taken out during the period but not reported to the National Assembly or international financial institutions, Folha de Maputo reports.

According to the document signed by Attorney General Beatriz Buchili cited by Folha de Maputo, Manuel Chang has been called for a hearing, in the context of ongoing preliminary inquiries with a view to “determine the existence of criminal offences, and in order to determine, if such is the case, its agents, to investigate their responsibility in the maintenance, processing, financing and operation of Ematum (Mozambican Tuna Company) SA; MAM (Mozambique Asset Management) SA and Proindicus SA”.

The US$850 million borrowed by the Mozambican Tuna Company was spent on fishing vessels and related equipment (US$350 million) and coastal protection (US$500 million).

In the same batch of undisclosed debt, the government issued guarantees for US$622 million in loans contracted by Proindicus and US$535 million by Mozambique Asset Management.

Proindicus was created to provide security services to oil companies, marine vessels and marine traffic and to provide search and rescue services, and MAM to provide services to Proindicus and other companies to prevent the outflow of foreign exchange for the maintenance and repair of vessels, reads the Folha de Maputo report.

Source: Folha de Maputo