Featured Mozambique

A hidden tycoon, African explosives, and a loan from a notorious bank: questionable connections surround Beirut explosion shipment

OCCRP – Since the devastating explosion of a store of ammonium nitrate in Beirut’s port on August 4, Lebanese citizens have taken to the streets in shock, outrage, and grief. Above all, they have demanded answers: Where did the nearly 3,000 tons of explosive chemicals come from, and who… Read More

U.S. prosecutors believe Credit Suisse is culpable in Mozambique scandal – sources

U.S. prosecutors are investigating Credit Suisse Group AG’s (CSGN.S) role in a $2 billion Mozambique corruption case and believe they have evidence of the Swiss lender’s culpability after three former bankers pleaded guilty last year, according to two sources familiar with the matter. Prosecutors believe Credit Suisse can be… Read More

South Africa Probes Real Estate Firm for Aiding Money Laundering

By Zdravko Ljubas OCCRP — The South African real estate regulator is launching a probe into allegations that an agency violated financial regulatory laws when it sold properties worth US$3.2 million to the family of a former Mozambican president. South Africa’s Estate Agency Affairs Board (EAAB) said on Sunday that… Read More
3rd December 2019
A federal jury in Brooklyn found a Lebanese shipbuilding executive not guilty of fraud and money-laundering charges related to $2 billion of debt deals in Mozambique, a spokesman for the U.S. Attorney’s Office said. Jean Boustani, a salesman for shipbuilder Privinvest Group, was found not guilty on charges of wire… Read More
2nd December 2019
Andrew Pearse said he negotiated his first bribe while sipping vodka at a hotel in Maputo, the capital of Mozambique, in February 2013. His employer, Credit Suisse Group AG, was financing a $370 million coastal security contract between Mozambique and Privinvest Group, a shipbuilder owned by Lebanese billionaire Iskandar… Read More
19th November 2019
For six weeks Jean Boustani, a Lebanese salesman at a shipbuilding company, sat quietly in a New York court as prosecutors summoned 20 witnesses to support charges he defrauded U.S. investors in a $2 billion Mozambican kickback scam. On Monday, Boustani began to tell his side of the story to… Read More
25th October 2019
Former Credit Suisse Group AG banker Andrew Pearse’s seven days on the stand in the U.S. bribery trial of a salesman for shipbuilder Privinvest Group concluded with a blistering attack on his credibility. Pearse is a key government witness against Jean Boustani, who’s accused of paying millions of dollars… Read More
18th October 2019
A former Credit Suisse Group AG banker told a federal jury in New York that he alone pocketed at least $45 million in a massive kickback scheme and named other ex-employees of the bank he says made millions of their own. Testifying on Wednesday, Andrew Pearse recited the illicit… Read More
16th October 2019
At least two former Credit Suisse Group AG bankers will testify for the U.S. at a federal trial this week, describing their roles in what the Justice Department says was a $2 billion kickback scam in Mozambique. Andrew Pearse, who headed the global financing group in the bank’s London… Read More
12th August 2019
Mozambique charged 20 people, including the son of former President Armando Guebuza, over a fraud scam in which state-owned companies contracted $2 billion in debt for dubious projects. Legal action may follow against former finance minister Manuel Chang, who Mozambican authorities as well as the U.S Justice Department want… Read More
1st August 2019
Mozambique’s government is to fight for the extradition from South Africa of former finance minister Manuel Chang, who the United States is seeking to put on trial, according to a letter from a law firm seen by Reuters. Chang has been in custody in South Africa since his arrest in… Read More
22nd July 2019
A former Credit Suisse Group AG banker admitted taking millions of dollars in kickbacks as part of a scam that involved as much as $2 billion in loans to Mozambique state-owned companies. Andrew Pearse, 49, a former managing director, made the admission Friday as he pleaded guilty… Read More
23rd May 2019
Washington urged South Africa on Wednesday to extradite Mozambique’s former finance minister Manuel Chang to the United States to face charges related to a $2 billion debt scandal, after it was decided he be sent to his home country. Chang has been in custody in South Africa since December when… Read More