Credit Suisse wants Mozambique to pay $622 million, representing the sovereign and partial guarantee it owes as part of a $2 billion loan granted to state-owned enterprises. This is a new twist in a case that began as a debt concealment and became a corruption scandal.
Last year, Mozambique launched legal proceedings against the bank and other co-defendants, with the aim of canceling the guarantee and demanding compensation for losses linked to this debt, which authorities said has plunged the economy into crisis. Credit Suisse today rejected these arguments in a counterclaim dated January 21 and has requested the court in charge of the case to declare the guarantee binding.
Credit Suisse and the Russian bank VTB have assisted in several financial arrangements for the benefit of Mozambican entities which, according to the American courts, have served to fuel a vast corruption system that swallowed hundreds of millions of dollars. Mozambique, one of the poorest countries in the world, is seeking compensation for losses related to this affair.
Idriss Linge
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
• Ghana signs a deal with eLearning Africa to expand digital learning access across the country.• The partnership focuses on deploying modern digital...
Ghana launches the Oncology Nurse Leadership Program (ONLEP) to train specialized oncology nurses from seven African countries. The five-year...
Ivanhoe Mines signs deal covering 100% of Kamoa-Kakula smelter’s copper output. The smelter will process up to 500,000 tonnes annually, starting at...
African gas projects drive significant contracts for Asian shipbuilders, especially for Floating Liquefied Natural Gas (FLNG) units. South Korean...
Kolmanskop offers a haunting blend of lost wealth, colonial history, and the unstoppable force of nature. Located just a few kilometers inland from...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...