Reprieve for Mozambican President with UK ruling

Mozambican President Filipe Nyusi cannot be sued in the UK over allegations he accepted unlawful payments in the country's lawsuit against Credit Suisse and others over the $2bn ‘tuna bond’ scandal, London's High Court ruled last week. Fin24 reports that the tuna bond or ‘hidden debt’ case has triggered criminal investigations from Maputo to New York, plus a series of linked lawsuits in London involving Credit Suisse, shipbuilder Privinvest, its owner Iskandar Safa and many others. Privinvest and Safa tried to drag Nyusi into the case, arguing he should contribute to any damages they may be ordered to pay if they are found liable to Mozambique. Their claim against Nyusi focused on payments of $11m they say Privinvest made in 2014 to fund Nyusi's successful run for office and his ruling Frelimo party's election campaign. Judge Robin Knowles said Nyusi ‘has immunity from the jurisdiction of this court whilst he is head of state of the republic’.

The decision comes ahead of a months-long trial due to start on 3 October, at which Mozambique will seek to revoke a sovereign guarantee on a loan it alleges was corruptly procured and secure compensation for other alleged wrongdoing. Fin24 notes that the long-running dispute is focused on three deals between state-owned companies and Privinvest, ostensibly to develop Mozambique's fishing industry and for maritime security. The deals were funded in part by loans and bonds from Credit Suisse – since taken over by UBS – and backed by undisclosed Mozambican Government guarantees.

Full Fin24 report