Connect with us

Musings From Abroad

Mozambique prevails in UK legal battle against Privinvest ‘tuna bond’ controversy

Published

on

In its $3.1 billion case against the Emirati-Lebanese shipbuilder, Privinvest, for allegedly paying bribes in connection with the ten-year “tuna bond” affair, Mozambique has mostly prevailed at London’s High Court.

The southeast African nation filed a lawsuit against Privinvest and its now-deceased owner, Iskandar Safa, claiming that they bought favours with Mozambican officials and Credit Suisse bankers to get favourable conditions on three projects in 2013 and 2014, one of which was to make use of the country’s coastline waters rich in tuna.

Judge Robin Knowles rendered a decision on Monday that was “substantially in favour” of Mozambique. According to Knowles, the country has been taken advantage of by sophisticated institutions and enterprises who ought to have known better.

The judge stated in his written decision that Mozambique is entitled to reimbursement from Safa and the Privinvest group of firms for little more than $825 million.

In addition, the judge awarded Mozambique an indemnity of almost $1.5 billion that it owes bondholders and lenders, minus the approximately $420 million that the nation has already collected.

The trial focused on agreements made between state-owned businesses and Privinvest for bonds and loans from banks, including Credit Suisse, for projects related to maritime security and fishing boats, which were supported by unidentified governmental guarantees.

However, hundreds of millions of dollars vanished, and when the government’s debt was revealed in 2016, donors like the International Monetary Fund momentarily stopped providing support, which led to a crash in currency values, defaults, and financial instability.

“The scale and nature of what was able to happen in this case presented a systemic threat to Mozambique’s economy,” Knowles said in his ruling, although he was also critical of the country’s officials.

Mozambique filed a lawsuit against three of the former employees of Credit Suisse, which has since been acquired by UBS (UBSG.S), opens new tab. Privinvest, Safa, and other employees of the Swiss firm had entered guilty pleas in the US.

Credit Suisse was able to put an end to the crisis that had already cost the bank hundreds of millions of dollars when it reached an agreement with Privinvest during the trial and then reached an 11th-hour settlement with Mozambique in October.

 

Musings From Abroad

3 Americans sentenced to death in DR Congo for thwarted coup

Published

on

A military court has sentenced 37 accused persons to death for their roles in the failed coup attempt in the Democratic Republic of the Congo in May, including three US nationals.

On May 19, armed men took over the presidential residence in Kinshasa for a short while until security forces assassinated their leader, Christian Malanga, a politician from the Democratic Republic of the Congo who was living in the US.

Marcel Malanga, his son, and Tyler Thompson, a friend of Marcel’s who played football with him in high school in Utah, were two of the Americans on trial. They’re both in their 20s.

Christian Malanga’s business associate Benjamin Zalman-Polun was the third American.
All three received the death penalty in a decision that was read aloud on television after being convicted guilty of terrorism, criminal conspiracy, and other offences.

Malanga had already informed the court that his father had threatened to murder him if he didn’t take part. In addition, he informed the court that he was going to Congo for the first time at his father’s invitation—a relationship he had not had in a long time.

After the failed coup, some fifty individuals, including citizens of the US, UK, Canada, Belgium, and the Congo, are awaiting prosecution. Thirty-seven offenders received death sentences.

The decision was announced in the courtyard of the military jail Ndolo, which is located outside of Kinshasa, beneath a tent. The defendants, dressed in prison-issue blue and yellow tops, were seated in front of the judge.

July marked the start of the trial. Ambassador personnel were present at the proceedings, according to State Department spokesperson Matthew Miller in Washington, and they will keep a careful eye on any further developments.

“We understand that the legal process in the DRC allows for defendants to appeal the court’s decision,” he told a briefing.

Jean-Jacques Wondo, a citizen of Belgium and Congo, is one of the 37 defendants. Before the trial, Wondo’s family made video messages to Congo President Félix Tshisekedi pleading for his release.

Continue Reading

Musings From Abroad

US backs 2 permanent seats for Africa in Security Council

Published

on

United States Ambassador to the UN, Linda Thomas-Greenfield, is set to announce the position that the US favours giving two permanent seats to African states in the Security Council, and one seat that would be rotated among small island developing states.

The action is being taken as the US looks to strengthen its relationships with Pacific Island countries that are crucial to fending off Chinese influence in the area and mend fences with Africa, where many people are upset over Washington’s support for Israel’s war in Gaza.

The declaration, which Thomas-Greenfield described as a part of US President Joe Biden’s legacy, is intended to “move this agenda forward in a way that we can achieve Security Council reform at some point in the future,” she told journalists.

In addition to Washington’s long-standing support for India, Japan, and Germany to also receive permanent seats on the council, there is a drive for two permanent African members and a rotating seat for small island developing states.

Developing countries have long sought seats on the Security Council, the UN’s most powerful body, permanently. However, years of reform negotiations have yielded little results, and it’s uncertain if US backing could spur action.

Thomas-Greenfield made it clear to Reuters ahead of the Council on Foreign Relations’ announcement in New York on Thursday that Washington opposes the extension of the veto power beyond the five nations that now possess it.

The Security Council is responsible of upholding global peace and security and is vested with the authority to employ force, impose sanctions, and enforce arms embargoes.

There were eleven members of the Security Council at the UN’s founding in 1945. In 1965, the number of members rose to 15, consisting of five permanent veto-wielding nations (the US, Britain, China, Russia, and France) and ten elected governments serving two-year terms.

Continue Reading

EDITOR’S PICK

Metro1 hour ago

How media training can build a resilient culture of free speech in Zambia

In a democratic country like Zambia, a free and independent media is essential for holding those in power accountable, promoting...

Culture1 hour ago

Please forgive me, I’m now a child of God,’— Nigerian singer Portable begs for slapping pastor (Video)

Controversial Nigerian singer, Habeeb Okiliola, popularly known as Portable, has pleaded for forgiveness following an incident where he allegedly slapped...

Sports2 hours ago

Kenya’s female athletes maintain Diamond League dominance

Kenya’s female athletes have continued to prove their dominance at the Diamond League final in Brussels, Belgium, as they have...

VenturesNow3 hours ago

Ezz al-Arab appointed as Egypt’s CIB chairman

Commercial International Bank (CIB), Egypt’s largest private bank, announced on Monday that long-time chairman and previous CEO Hisham Ezz al-Arab...

VenturesNow3 hours ago

Nigerian inflation falls again, drops to 32.15% in August

Nigeria’s August inflation rate declined for a second month to 32.15% from 33.40% in July, the statistics office reported on...

Behind the News5 hours ago

Behind the News: All the backstories to our major news this week

Over the past week, there were many important stories from around the African continent, and we served you some of...

Politics5 hours ago

Tunisian court mandates electoral commission to reinstate presidential contenders

The highest court in Tunisia has issued an order requiring the electoral commission to re-enter two candidates for an October...

Politics5 hours ago

Under their new coalition, Mali, Burkina, Niger to launch biometric passports

As part of their departure from the West African bloc in favour of a new Sahel alliance, military authorities in...

VenturesNow7 hours ago

Uganda Airlines starts direct routes from Nigeria

  Uganda Airlines has begun offering direct service to Entebbe, located in central Uganda, from Abuja, Nigeria’s capital. According to...

Metro9 hours ago

‘Expect more protests, I am not afraid of Tinubu’, Nigerian activist blows hot after airport arrest

The presidential candidate of the African Action Congress (AAC) in Nigeria’s 2023 presidential election, Omoyele Sowore, has vowed that despite...

Trending