Date set for ‘hidden debts’ trial

The trial of 19 people accused of crimes in relation to Mozambique's ‘hidden debts’ scandal has been set for 23 August. Suspects detained at the Lingamo prison in Matola have received and signed notifications of the trial. A report on the allAfrica site notes that the Joaquim Chissano Conference Centre in Maputo has been earmarked as the venue. The case relates to the $2bn loans granted by Credit Suisse and VTB of Russia to three fraudulent, security-linked Mozambican companies (Proindicus, the Mozambique Tuna Company and Mozambique Asset Management). Corrupt officials from Credit Suisse and Abu Dhabi-based group Privinvest have admitted that they ensured that former President Armando Guebuza’s administration issued illegal loan guarantees. The effect of the guarantees was that, if the companies defaulted – which they did – then Maputo would be held liable for repaying the loans. However, the loans and their guarantees have been declared unconstitutional by the Constitutional Council, Mozambique's highest body in matters of constitutional law.

Full report on the allAfrica site