Mozambique’s hidden debts back in British court

Mozambique’s hidden debts back in British court

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In London, the United Kingdom’s Supreme Court entered its second day of hearings on the hidden debt case in Mozambique.

The case stems from loans Mozambique took out 10 years ago to buy fishing boats and maritime security equipment.

The loans were granted by Credit Suisse without the approval of official bodies and were tainted by suspicions of corruption by high-level public officials and politicians.

Mozambique has been trying for years to cancel these debts, which amount to nearly three billion euros, and a ruling in the Commercial Court is expected to begin in October.

Last year, the Brivinvest shipping group won a significant victory in the British courts when the primacy of the Swiss arbitration was upheld.

Mozambique appealed to the Supreme Court, the equivalent of last resort to the Constitutional Court. The technical interpretation of British law is problematic, its jurisprudence is relevant among lawyers, but its application to the practice of hidden debts is uncertain. The final result will take several months. A testament to the complexity of this case, it is far from over.

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About the Author: Morton Obrien

"Reader. Infuriatingly humble travel enthusiast. Extreme food scholar. Writer. Communicator."

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