Mozambique Secures Significant Legal Victory in $3.1 Billion Tuna Bond Scandal

Mozambique has won a substantial legal victory in its $3.1 billion lawsuit against shipbuilder Privinvest in London’s High Court. The case revolved around allegations of bribery linked to the decade-old 'tuna bond' scandal. Privinvest and its late owner, Iskandar Safa, denied any wrongdoing, calling the lawsuit politically motivated.

Mozambique achieved a significant legal victory on Monday, winning its $3.1 billion lawsuit at London's High Court against Emirati-Lebanese shipbuilder Privinvest. The case alleged that Privinvest, along with its now-deceased owner Iskandar Safa, paid bribes related to the 'tuna bond' scandal from a decade ago.

The African republic claimed over $136 million was paid to obtain favourable terms for three projects in 2013 and 2014, one of which aimed at exploiting Mozambique's tuna-rich coastal waters. Privinvest and Safa refuted the allegations, insisting that all payments were lawful and labeling the lawsuit as a politically motivated effort to shift blame from President Filipe Nyusi and senior officials.

Judge Robin Knowles announced on Monday that the ruling was 'substantially in favour' of Mozambique.

(With inputs from agencies.)