UBS, Mozambique announced a last minute settlement last week a UK court resets trial timetable after the settlement
Billionaire Iskandar Safa and his shipbuilding firm will be left to face what his lawyer called the “burden of trial” after UBS Group AG’s last-minute settlement with Mozambique’s government in the $1.5 billion tuna bonds scandal.
Also read: Mozambique’s bond market rebounds after UBS settlement
Judge Robin Knowles said the opening arguments in the trial, which was slated to start on Monday, can tentatively be scheduled to begin October 16. The court’s order came after the lawyer for Safa and his firm Privinvest Shipbuilding Holding said they will have to take over the lead in defending against Mozambique’s case from the lawyers for Credit Suisse, which was bought by UBS in June.
Source: Bloomberg
