Mozambique's Legal Victory in 'Tuna Bond' Scandal

Emirati-Lebanese shipbuilder Privinvest was denied permission to appeal against Mozambique's lawsuit victory in London's High Court regarding the 'tuna bond' scandal. Mozambique alleged bribes were paid for project terms. The court ruled Mozambique was entitled to over $825 million and an indemnity, with Privinvest intending to appeal.

In a significant legal development, the London High Court has turned down shipbuilder Privinvest's bid to appeal the verdict in Mozambique's favor over the high-profile 'tuna bond' scandal.

Mozambique accused Privinvest, and its late owner Iskandar Safa, of bribing local officials and Credit Suisse bankers to secure advantageous terms for several projects. Notably, these projects, initiated in 2013 and 2014, included plans to tap into the tuna-rich coast of Mozambique.

This ruling grants Mozambique over $825 million, along with an indemnity addressing its $1.5 billion obligations to lenders and bondholders, minus recovered sums. Though Privinvest intends to directly escalate its appeal, the case also implicated Credit Suisse, which, now under UBS, reached a settlement with Mozambique during the trial.

(With inputs from agencies.)