Featured Mozambique

Mozambique Indicts 20 People Over $2 Billion Hidden-Debt Scandal

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

Mozambique to fight for extradition of former finance minister over debt scandal

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

Ex-Credit Suisse Banker Admits Kickbacks in Mozambique Scam

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
21st May 2019
A former Credit Suisse Group AG banker pleaded guilty on Monday to a U.S. charge that she helped launder money from a kickback scheme involving $2 billion in loans to state-owned companies in Mozambique. Detelina Subeva, 37, pleaded guilty to one count of money laundering conspiracy before U.S. District Judge… Read More
30th April 2019
A Swiss anti-corruption lobby group has filed a criminal complaint against Credit Suisse over alleged fraud in the arrangement of $2 billion of loans to Mozambique, the group said on Monday. Mozambique, one of the most indebted countries in the world, in 2016 admitted to billions of dollars of undisclosed… Read More
4th January 2019
Three former Credit Suisse bankers have been arrested over money laundering and bribery charges pertaining to a scam which involved $2 billion in loans to companies in Mozambique. According to the prosecution, three Mozambican state-owned firms borrowed over $2 billion. The loan proceeds were meant to be used… Read More
18th October 2017
The UK’s top financial regulator this evening slapped mining behemoth Rio Tinto with a £27m fine for failing to write down the value of its Mozambique mines. The Financial Conduct Authority (FCA) doled out the penalty for breaching disclosure and transparency rules. It is the largest-ever fine for such… Read More
18th October 2017
BBC British-Australian mining giant Rio Tinto and two of its former executives have been charged with fraud in the US, accused of hiding losses by inflating the value of African coal assets. It bought the Mozambique assets in 2011 for $3.7bn (£2.8bn) and sold them a few years later for… Read More
8th June 2016
* Swiss watchdog FINMA says in touch with CS over Mozambique loans * Mozambique facing debt crisis * Standard Bank says pausing energy projects in the country * UK regulator also looking into loans to Mozambique Read More
6th June 2016
U.K. regulators are making inquiries into Credit Suisse Group AG's and Russian bank VTB Group's handling of hundreds of millions of dollars of debt the banks arranged for the purchase of boats and military equipment for state-backed companies in Mozambique, people familiar with the matter said. Read More