Russian state lender VTB has sued a Mozambican government company over an unpaid loan that is part of a US$ 2 billion multinational fraud scandal known as “tuna bonds,” which plunged the Mozambique into deep financial crisis,Reuters reported Monday.
An ex-Credit Suisse banker admitted last week he took kickbacks in a scheme that saw state-owned companies in Mozambique take US$2 billion in loans which helped drive the country into default on its debt,Reuters reported on Friday.
Mozambique announced on Monday the indictment of 18 individuals in connection to the US$2 billion “tuna bonds” scandal that plunged the country into its worst financial crisis since independence.
The recent surge of violence in Mozambique at the hand of extremist militants has been funded by the country’s illicit economy, according to a new report by theGlobal Initiative Against Transnational Organized Crime.
Mozambican authorities named a former Labor Minister as the main suspect in a corruption case involving the illicit removal of some US$1.7 million (100 million meticais) from the National Social Security Institute (INSS), Noticias reported Wednesday.
Chinese-led organized criminal networks have turned an obscure southern port town into the world’s largest hub for ivory trafficking, according to a report published Tuesday.
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