US authorities say the project is an elaborate front for a bribery and kickback scheme. FMTNews Russian Mozambique
JOHANNESBURG: Russian state lender VTB has filed a lawsuit in Britain’s High Court against a Mozambican government company it lent hefty sums to as part of a project now at the centre of a US$2 billion debt scandal, according to an online court filing.
It does not state whether the case relates to the loan, which Mozambique and VTB had been trying to restructure. VTB did not immediately respond to an emailed request for comment, and a spokesman for Mozambique’s Attorney General’s Office did not immediately respond to a message seeking comment, outside of usual business hours.
Credit Suisse and VTB provided or arranged a total of around US$2 billion for the project, encompassing tuna fishing, maritime security and shipyard development.Mozambique did not disclose some of the loans, which were guaranteed by the state.
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