Sweden optimistic about Kroll investigation – AIM report

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Sweden optimistic about Kroll investigation – AIM report

7:10 CAT | 22 Mar 2017

The Swedish ambassador to Mozambique, Irina Schoulgin Nyoni, has expressed optimism about the outcome of the independent audit of the quasi-public companies Proindicus, Ematum (Mozambique Tuna Company) and MAM (Mozambique Asset Management).

These three companies took out loans amounting to more than two billion US dollars from European banks (mainly Credit Suisse and VTB of Russia).

Whilst the Ematum loan was public knowledge, the Proindicus and MAM loans were kept secret. When the news came out that guarantees had been given for an extra 1.1 billion dollars of loans that were undisclosed, either to the Mozambican public or to the country’s international partners, the International Monetary Fund (IMF) responded by suspending its programme with Mozambique. Other western partners followed suit – all 14 donors and funding agencies that used to provide direct support to the Mozambican state budget suspended further disbursements.

The IMF made it clear that a key condition for restoring normal relations was an international, independent audit of Ematum, Proindicus and MAM, to see where the two billion dollars had gone.

Mozambican President Filipe Nyusi accepted this at his meeting in Washington in September 2016 with IMF Managing Director Christine Lagarde, and a week later an IMF team was in Maputo discussing the terms of reference for the audit.

The audit is funded by the government of Sweden and is being carried out by the US company Kroll. It was originally given to the end of February to complete its investigation. However, it has been granted a one-month extension until the end of March.

Following an audience on Monday with President Nyusi, Ambassador Nyoni told the press “we are working together with the Attorney-General’s Office (PGR) and the IMF on the audit, which is a complicated process. But it is important that it is independent and we do not go too far into it”.

She added that although it is not easy, things are moving forward, stating “I think everything will be alright”.

During the meeting, the parties reviewed the cooperation between the two countries and noted the progress achieved in bilateral relations, which are on the right path marked by frank and open dialogue. In particular, Sweden has been working with the Mozambican government on issues related to gender equality, premature marriages, and women’s rights.

Ambassador Nyoni is coming to the end of her two and a half year stint in Mozambique and will be moving on to the Swedish embassy in New York.

Source: AIM