State guaranteed loans violated budget law in Mozambique

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The Office of Attorney General of the Republic of Mozambique said that there had been violation of the budget law in the process of taking on the loans of state companies Ematum, Proindicus and MAM, according to the deputy attorney general and spokesman of the institution.

Taibo Mucobora said that the investigation carried out to date concludes that crimes of abuse of office were committed, which constitute a criminal offence.

The deputy attorney general said that the ongoing investigation aims to gather information both in Mozambique and abroad, which will entail the activation of diplomatic and other appropriate channels with countries that are being identified.

Mucobora did not specify how long it would take to gather evidence, noting only that experts were conducting each step carefully in order to obtain relevant, important, and especially reliable information, according to Mozambican daily newspaper Noticias.

The three public companies – Empresa Moçambicana de Atum, Proindicus and Mozambique Asset Managament – took on loans with state guarantees in the total of US$2 billion.

Source: Macauhub