Privinvest to appeal tuna bond case

Shipbuilder Privinvest has been given permission to appeal after Mozambique won a case in London to sue the company over the decade-old tuna bond scandal, according to a report in the Club of Mozambique. The African country accused Privinvest and its late owner Iskandar Safa of paying bribes to Mozambican officials and Credit Suisse bankers to secure favourable terms on projects in 2013 and 2014, including one that was designed to exploit Mozambique's tuna-rich coastal waters. The lawsuit centred on deals struck by state-owned companies with Privinvest for loans and bonds from banks, including Credit Suisse, for fishing boats and maritime security, projects backed by undisclosed state guarantees. But hundreds of millions of dollars went missing and, when the government debt came to light in 2016, donors such as the International Monetary Fund temporarily halted support, triggering a currency collapse, defaults and financial turmoil. A UK court ruled last July that Mozambique was entitled to payment of just over $825m from Safa and companies in the Privinvest group, plus an indemnity. In December, the High Court refused to grant Privinvest permission to appeal, but London's Court of Appeal has overturned that, saying the company has a prospect of success. A date for the appeal has not yet been set.

Full report on the Club of Mozambique site