The US Department of Justice has been digging into suspicious payments wired through American banks
Only one of the deals was made public: an $850m loan for a fishing fleet. The loan was chopped up and sold on to investors. In 2016 the government agreed with investors to swap this “tuna debt” for a conventional bond, issued directly by the state. At the time it said little about the other, secret loans—but admitted their existence weeks later. Foreign donors were horrified, and stopped contributing to the budget. Thepacked its bags.
Pressure has come from the American Department of Justice, which dug into suspicious payments wired through American banks. Last December it filed an indictment charging eight people with crimes relating to bribery, wire fraud and money-laundering. The conspirators created the maritime projects, it alleges, “as fronts to raise money to enrich themselves”. The companies bought equipment from Privinvest at vastly inflated prices, it claims.
Second, the indictment names the lead salesman of Privinvest, who is in American custody, and its chief financial officer. It does not charge the firm itself or its chief executive, Iskandar Safa, a French-Lebanese billionaire . But in a court statement last month Mr Pearse said that Mr Safa knew about bribes that Privinvest was paying, prompting Mozambique to sue Mr Safa as well. Privinvest and its employees have denied wrongdoing.
The American intervention has stirred Mozambican authorities into action. In February they arrested several people in connection with the debt scandal, including the son of Armando Guebuza, who was president when the loans were made. This month 20 people were indicted on charges including corruption and money-laundering. But this is not a genuine quest for justice, says Fernando Lima, a veteran journalist in Maputo.
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