Africa Banking Government Justice Mozambique

Mozambique UK cases unaffected by US verdict

Mozambique will proceed with cases in which it’s suing Credit Suisse AG and the chief executive officer of shipbuilder Privinvest Group in London, even after a U.S. jury acquitted the company’s sales director, the government said.

Mozambique started civil proceedings against Credit Suisse and Iskandar Safa earlier this year, claiming there was corruption involved in $2 billion of loans that financed maritime projects for state-owned companies. Privinvest supplied the equipment and the bank helped finance their purchase. Both firms deny any wrongdoing.

A U.S. jury on Monday acquitted Privinvest salesman Jean Boustani of three charges in a case related to the same projects.

Source: Bloomberg

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