• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home Africa

Mozambique indicts 18 people in connection with $2 billion loan scheme

8 January 2019, 5:36 AM  |
Reuters Reuters |  @SABCNews
Fishing boats sit beneath the skyline of Mozambique's capital Maputo.

The indictment came days after three ex-Credit Suisse bankers were charged in the United States with fraud over their role in Mozambique’s deal in 2013 in borrowing money from international investors to fund projects that included a state tuna fishery.

Fishing boats sit beneath the skyline of Mozambique's capital Maputo.

Image: Reuters

The indictment came days after three ex-Credit Suisse bankers were charged in the United States with fraud over their role in Mozambique’s deal in 2013 in borrowing money from international investors to fund projects that included a state tuna fishery.

Mozambique has indicted 18 citizens for their involvement in fraud involving $2 billion in loans to state-owned companies, the attorney general’s office (AGO) said on Monday, in a scandal that has ensnared two major international banks.

“Mozambique AGO is indicting 18 defendants, (ranging) from public workers and other citizens, on charges of abuse of power, abuse of trust, swindling and money laundering,” it said in a statement.

The indictment came days after three ex-Credit Suisse bankers were charged in the United States with fraud over their role in Mozambique’s deal in 2013 in borrowing money from international investors to fund projects that included a state tuna fishery.

Former Mozambique finance minister Manuel Chang, 63, is one of the 18 indictees. He was arrested in neighbouring South Africa last week as part of the same case, and has denied wrongdoing.

The attorney general’s office also said it would seek to have those charged in the United States and elsewhere to face charges in Mozambique, one of the most indebted countries in the world.

Apart from Credit Suisse, the Russian lender VTB also arranged financing for Mozambique’s state-owned companies.

The southern African state admitted in 2016 to undisclosed lending, prompting the International Monetary Fund and foreign donors to cut off support, triggering a currency collapse and a default on Mozambique’s sovereign debt. It is still struggling to overcome the resultant debt crisis.

Share article
Tags: Manuel ChangUnited StatesMozambiqueRussiaInternational Monetary FundCredit SuisseAttorney General Office
Previous Post

BMF question Denel’s new CEO appointment

Next Post

Universities inundated with prospective students

Related Posts

Kenya economic growth to edge up this year, World Bank says

7 June 2023, 6:09 AM
A firefighter walks near cars damaged during a massive Russian drone strike, amid Russia’s attack on Ukraine, in Kyiv, Ukraine May 30, 2023.

African Peace Initiative for Ukraine/Russia war ready to depart: Ramaphosa

6 June 2023, 8:12 PM
Sudan's General Abdel Fattah al-Burhan stands among troops,in an unknown location, in this picture released on May 30, 2023.

Clashes between Sudan’s warring factions intensify, no end in sight

6 June 2023, 1:34 PM
A man walks while smoke rises above buildings after aerial bombardment, during clashes between the paramilitary Rapid Support Forces and the army in Khartoum North, Sudan, May 1, 2023.

Shelling, looting in Sudan’s capital as military factions battle for 8th week

6 June 2023, 8:03 AM
The UN Habitat Assembly.

President Ruto officially opens second UN Habitat Assembly in Kenya

5 June 2023, 2:27 PM
[File Image] Minister Mmamoloko Kubayi.

Kubayi to represent SA at UN Habitat Assembly on sustainable urbanisation in Kenya

5 June 2023, 10:09 AM
Next Post
University Walk-ins

Universities inundated with prospective students

Most Viewed

  • 24hrs
  • Week
  • Month
  • Eastern Cape ActionSA raises eyebrows over qualifications of senior officials
  • Unisa suspends registrar for various breaches of policy
  • Orlando Pirates player Thembinkosi Lorch found guilty of assault
  • Slain teen Palesa Malatji’s family calls for death sentence to be reinstated
  • Limpopo district embroiled in fraudulent travel claims
  • Dr Nandipha’s looks during court appearances under the spotlight
  • Deadline for Zimbabwean Exemption Permits draws near
  • Reserve Bank expected to increase repo rate on Thursday
  • Zimbabwe receives 18 helicopters from Russian Federation
  • Eastern Cape ActionSA raises eyebrows over qualifications of senior officials
  • Orlando Pirates player Thembinkosi Lorch found guilty of assault
  • Female student stabbed to death at NMU residence
  • Buses in Tshwane grind to a halt due to strike by SAMWU workers
  • Zwane expected to remain Chiefs coach despite dismal season
  • Bus operations suspended due to Samwu strike in Tshwane

LATEST

A sign indicating an Uber Pickup zone
  • South Africa

E-hailing association concerned no one taking responsibility for violence against operators


Scenes from the Basha Uhuru Festival.
  • Youth Month 2023
  • South Africa

Constitution Hill hosts Basha Uhuru Festival during Youth Month


Dr Nandipha Magudumana  in court.
  • Thabo Bester saga
  • South Africa

Dr Nandipha Magudumana – from celebrity doctor to fugitive


eThekwini
  • Politics

Failure to remove incarcerated ANC eThekwini councillor is embarrassing: Analyst


SA Parliament.
  • Youth Month 2023
  • Politics

PODCAST | Political leaders much older than average age of the country


Suspended Public Protector Advocate Busisiwe Mkhwebane
  • Politics

Mkhwebane calls for Dyantyi to recuse himself from inquiry


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Army tanks BMF question Denel’s new CEO appointment
Next University Walk-ins Universities inundated with prospective students