An African Tale… Unravelling the Mozambican Hidden Debt Scandal Tangle

It is the stuff movies are made of… secrets, intrigue, lies, money, power… These articles about the Mozambican hidden debt corruption scandal make up the tale to date of what happens when money and power and greed get in the way of common sense and decency. This will update you from the beginning of the saga…

The wheels of justice grind slowly and it has taken several years to dig up the dirt. But the scandal of the missing USD2 billion in public money used to (amongst other things) purchase 24 tuna fishing vessels ordered by the Mozambique government in 2013, has now reached a point where some arrests have been made. Ematum is no more but there is a growing number of Chinese vessels fishing in Mozambique’s waters.

The Re-Invention of Ematum in a Nutshell

Mozambique’s former finance minister Michael Chang can indeed be extradited to the USA. Or he can be sent back to Mozambique. The decision rests with the South African government. Chang does have 15 days to appeal the decisions.

UPDATE: Mozambique Tuna Boat Scandal. Accused Weighs Up the Lesser Evil

One by one all the people involved in the Mozambique debt scandal are being hauled in. Involving USD 2 billion in loans to buy a tuna fishing fleet and surveillance ships, this case continues to unravel as the level of corruption is revealed.

UPDATE: Twists and Turns in Mozambique Debt Scandal

Renegotiating Ematum debt securities issued on the international market seems to be uppermost in the minds of Mozambican government officials. However there is opinion that they should rather wait for the court rulings.

Mozambique. Ematum Debt Nullified, Restructuring Announced

When Mozambique’s USD2.2 billion of imports of fishing boats, funded by two secret loans, became public in 2016, the impact on government and business circles was profound. In March the first payment on the new Ematum bonds was due, and a South African property group stands accused of money laundering.

Mozambique. Latest Debt Scandal Secrets Uncovered

Mozambique President Filipe Nyusi is legally responsible for damages if payments made to him by shipbuilder Privinvest, were found to be bribes. This relates to the USD2 billion loan scandal to finance a tuna fishing fleet and new coastal patrol vessels.

Mozambique. New Development in Tuna Boat Scandal

Remember the 2013 story about the fleet of tuna boats and military patrol vessels for Mozambique? Well, the most recent development is that the former Mozambican minister of finance, Manuel Chang (2005 to 2015), will now be extradited to Mozambique to stand trial.

Mozambique Takes the Lead in Hidden Debts Corruption Scandal