Mozambique Wins Landmark $3.1 Billion Lawsuit in 'Tuna Bond' Scandal

Mozambique has successfully won a $3.1 billion lawsuit against shipbuilder Privinvest in a London court. The case involved allegations of bribes to Mozambican officials and Credit Suisse bankers related to the 'tuna bond' scandal. The court ruled that Mozambique is entitled to over $825 million in damages from Privinvest and its now late owner, Iskandar Safa.

Mozambique has emerged victorious in a significant $3.1 billion lawsuit against Emirati-Lebanese shipbuilder Privinvest at London's High Court. The legal dispute centered around allegations of bribes paid to Mozambican officials and Credit Suisse bankers in the scandal-ridden 'tuna bond' case.

The High Court's Judge Robin Knowles ruled substantially in favor of Mozambique, awarding the African nation over $825 million in damages. Mozambique accused Privinvest and its late owner, Iskandar Safa, of bribery to secure favorable terms for deals involving state-owned companies and loans from Credit Suisse in 2013 and 2014.

The revelation of these secretive state-backed projects plunged Mozambique into severe financial distress, leading to donor pullout and currency collapse. Although Privinvest denied all wrongdoing, Judge Knowles' ruling included an indemnity for Mozambique's liabilities amounting to $1.5 billion, further intensifying the ramifications of this landmark verdict.

(With inputs from agencies.)