Just In: Mozambique confirms ‘equitable’ out-of-court settlement with Credit Suisse – report

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Just In: Mozambique confirms ‘equitable’ out-of-court settlement with Credit Suisse – report

12:51 CAT | 02 Oct 2023

Photo: Domingo

Mozambique’s Deputy Attorney General, Angelo Matusse, and the Minister of Economy and Finance (MEF), Ernesto Max Tonela, have just confirmed, in a joint press conference, that the Mozambican state has reached a “mutually advantageous” out-of-court agreement with Credit Suisse bank, although without revealing any exact amount.

According to the Minister of Economy and Finance, Ernesto Max Tonela, cited by Jornal Domingo online, the understanding covers Credit Suisse and the other members of the banking syndicate that financed the Proindicus project, with the exception of the part relating to the Russian bank, VTB.

“This is an equitable solution that meets the need to mitigate risks and costs inherent to judicial litigation, and also opens up space for the restoration of international investors’ confidence in the Mozambican financial system and the strengthening of relations between Mozambique and international financial institutions,” Minister Tonela highlighted.

READ: Credit Suisse, Mozambique secure out-of-court ‘tuna bond’ settlement

The agreement also guarantees that the parties are mutually free from any liabilities and claims related to the transactions including the extinguishment of the full amount of debt that Credit Suisse claimed from Mozambique.

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PGR e MEF cofirmam acordo extrajudicial com o Credit Suisse

O Procurador Geral Adjunto, Ângelo Matusse, e o Ministro de Economia e Finanças (MEF), Ernesto Max Tonela, confirmaram hoje, em conferência de imprensa conjunta, que o Estado moçambicano alcançou um acordo extrajudicial atinente ao ponto de situação do processo judicial “mutuamente vantajoso” com o banco Credit Suisse. Contudo, não se referiram a montantes.

Segundo o Ministro da Economia e Finanças, Ernesto Max Tonela, o entendimento abrange o Credit Suisse e os demais membros do sindicato bancário que financiou o projecto Proindicus, à excepção da parte relativa ao banco russo, VTB.

“Trata-se de uma solução equitativa que atende à necessidade de mitigar riscos e custos inerentes ao litígio judicial, e abre, igualmente, espaço para o restabelecimento da confiança dos investidores internacionais no sistema financeiro moçambicano e o fortalecimento das relações entre o Moçambique as instituições financeiras internacionais”, sublinhou.

O acordo também garante que as partes fiquem livres mutuamente de quaisquer responsabilidades e reclamações relacionadas com as transações incluindo a extinção do montante total da divida que o Credit Suisse reclamava de Moçambique.

Source: Domingo