Lusa - Business News - Mozambique: Privinvest suit 'likely bid to press authorities to drop case' - EIU

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Lusa - Business News - Mozambique: Privinvest suit 'likely bid to press authorities to drop case' - EIU

London, 15 May 2019 (Lusa) - The announcement that Privinvest, one of several companies involved in Mozambique’s ‘hidden debts’ scandal, is suing that country’s authorities is probably an attempt to pressure them to give up their case against it, according to analysts at the Economist Intelligence Unit.
Commenting on the announcement by Privinvest, experts from the EIU’s analysis unit write that they believe the aim of the move is to prompt the abandonment of the case against the Lebanese shipbuilding company "and prevent the disclosure of data that is negative" for both parties.
International litigation in this case would also be negative for Mozambique, the EIU note to customers argues, as it would bring into the public domain more information on opaque business practices in which rulers and leaders of the governing party, Frelimo, are deeply involved. There are also, it adds, "risks for Privinvest and its directors".
The Privinvest announcement, made in mid-April, represents “an escalation” in the dispute between the two sides, with major trade, economic and political dimensions.
In March, Privinvest moved to take legal action against the Mozambican state and three state-owned companies involved in the hidden-debt case, claiming that they had defaulted on at least $200 million (€176.9 million) relating to one of the contracts.
The suit against the state, lodged at an arbitral tribunal of Switzerland on 14 March, targets in particular the company Mozambique Asset Management (MAM), Privinvest announced on 15 April.
Privinvest states that Mozambique did not pay for goods acquired from it, so accusing the Mozambican state of breaking clauses in the equipment supply agreement and causing $200 million of damages to it.
“For three months or so, Privinvest has been largely silent in the face of a false narrative about its activities in Mozambique and it doesn’t wish to continue to be silent,” a company spokesman, Jeffrey Birnbaum told Bloomberg in April. “Privinvest has been inaccurately and unfairly portrayed in the media and elsewhere and will now set the record straight.”
The Center for Public Integrity (CIP), a non-governmental organization in Mozambique, has noted that in addition to processing MAM, Privinvest has also taken action against two other Mozambican state companies involved in the hidden-debts case: ProIndicus and EMATUM.
Privinvest and its subsidiaries were the only suppliers contracted by Mozambique for shipbuilding projects worth more than $2 billion (€1.769 billion), for which the country obtained or guaranteed loans in 2013 and 2014 without informing parliament or donors such as the International Monetary Fund.
An independent international audit has found a lack of justification for more than $500 million of the loans, over-invoicing for goods and financial unworthiness of the companies involved.
US prosecutors have been investigating what they believe to have been a corruption scheme, and are awaiting the extradition of some of the suspects. Among these is the former finance minister Manuel Chang, who is currently detained in South Africa, the negotiator for Privinvest, Jean Boustani, and several bankers from Credit Suisse.
Mozambique's own prosecutors are also seeking Chang's extradition.

MBA/ARO // ARO.
Lusa

Agency : LUSA
Date : 2019-05-16 10:08:58

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