Sign up, start voting on articles and create your own news feeds! | Login | Create a free account
Share |

Mozambique Wants to Cancel Guarantees on Security Firm's Debt

Mozambique is seeking the cancellation of government guarantees on debts run up by state-run security firm Proindicus that helped spark a debt crisis in the country, its prime minister was quoted as saying Wednesday. 

Mozambique has a case in London's High Court against investment bank Credit Suisse and a number of other parties linked with the $2 billion worth of loans, which have sparked investigations in the United States and Mozambique. 

Court filings say the case relates to "commercial contracts" but give no further details. 

Mozambique state news agency AIM said Prime Minister Carlos Agostinho do Rosario told the Mozambican parliament that Maputo had approached the London court to...

read more...

Published By: Africa.,. - Wednesday, 13 March