This report is part of an investigation made possible by a grant from Journalismfund. Since the hidden loan to ProIndicus was discovered in April this yearthe IMF and international donors have suspended financial aid to the country which is having to make deep cuts to basic services in order to avoid defaulting on the loans.
EMATUM combined a fishing fleet with naval defence vessels, while ProIndicus is purely a coastal defence equipment deal, according to the Mozambique government.
A previous version of this article stated that Andrew Pearse is in the pay of, and working directly for, Privinvest and its owner, Iskandar Safa.
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They are pegged to the Euro and backed by the French treasury — but only in return for holding half the foreign currency of participating countries. France says this provides financial stability and credibility, critics say it hinders economic development. In Africa, some take away wealth from the people and the continent.
France is certainly among them.
Corruption in Africa… a la francaise (By Karim El Bar)
Its research and development program focuses on marine renewable energy. As for Safa himself, he was born in in Beirut into a Maronite Christian family. He worked for a few years in Saudi Arabia before taking over Constructions Mecaniques de Normandie, a French shipyard. Within two years he turned around a business that was on its last legs into a successful company.
Privinvest is now one the largest ship-building companies in Europe and the Middle East. Privinvest played a key role passing money between them and Safa was allegedly at the heart of the deal, having previously sold the country military and surveillance equipment through Privinvest.Iskandar Safa On: Quality
The country still has not recovered from the resulting debt crisis. E-mails show the parties openly discussing bribes. Luanda in recent times has turned a cold shoulder to Lisbon, and instead warmed to Paris. Part of this shift was a deal signed in September with Privinvest.
The problem was two-fold: firstly, Angola only has around 1, sailors and little ship-building experience, making the deal suspicious; and secondly, the country was in dire financial straits.Catchy animal slogans
Okonjo-Iweala said the proposal meant Nigeria would have to shoulder all the risk, and that such a large loan would have to be approved by the National Assembly.
The deal was not signed, and Okonjo-Iweala had no regrets. Welcome to Africanews Please select your experience. Watch Live. Breaking News Close. By Karim El Bar. Africanews provides content from APO Group as a service to its readers, but does not edit the articles it publishes. Related articles. More stories.A source at the attorney general's office, in an emailed reply to AFP, confirmed "a case is ongoing" without giving details.
The papers were submitted on July 31 and no date has been set yet for the hearing, the source said. Safa is CEO of a giant shipbuilding company, Privinvest, which signed contracts with Mozambique state companies to supply ships and national maritime security. The government's legal moves came after testimony in a New York court last month by a former Credit Suisse banker, Andrew Pearse.
Safa, he said, had wired him "millions of dollars in unlawful kickbacks from loan proceeds and illegal payments" for help in securing loans from the bank. The government admitted it borrowed the money secretly, forcing international donors to suspend aid. Several people have been arrested both in Mozambique and abroad. Chang was arrested in South Africa last year on a US extradition request. In an ongoing tussle over where he could stand trial, the Mozambican government this week said it would fight attempts to extradite him to the US after the South African government halted plans to send the minister to his home country.
When the hidden debt was revealed, Mozambique -- which relies on donor aid and is one of the world's poorest countries -- was plunged into the worst financial crisis in its history. They were arrested in London in early January. In May one of them pleaded guilty to conspiracy to launder funds over the case. Safa's lawyers and spokesman were not immediately available for comment. Confirmation Code:.
Activate account. Resend confirmation code. Forgot your password? Don't have an account? Sign up. International Africa. Mozambique govt, opposition Renamo sign historic peace pact. Africa halts extradition of Mozambican ex-minister. Lebanon Mozambique Iskandar Safa debt scandal.
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Pearse is one of three former Credit Suisse managers indicted by the US authorities for their part in the corrupt scheme. Because US banks were used to channel bribes and kickbacks, and because some of the fraudulent debt was sold on to US investors, the US claims jurisdiction. A US indictment based on a million pages of transcripts of phone calls, e-mails and financial documents names as suspects three former Credit Suisse bankers Pearse, Detelvina Subleva and Surjan SinghJean Boustani, a key salesman for the Privinvest group, which became the sole contractor for the three fake companies, and former Mozambican finance minister Manuel Chang.
Boustani is under arrest in New York, where he has denied all charges. Chang is under police custody in Johannesburg, fighting against possible extradition to the US. Now two of the three former Credit Suisse bankers have struck deals with the US prosecutors.Abbigliamento uomo tops e t-shirt 2017 più popolari t-shirt in
The first to do so was Subleva who in May pleaded guilty to one count of conspiracy to launder money. As part of the plea bargain, three other conspiracy charges were dropped. Kuntz, which is now circulating on the Internet, directly involved Safa in the fraud.
Pearse said he had been part of a conspiracy to defraud investors in connection with various loans, including a million dollar loan from Credit Suisse to Ematum in when VTB also became involved the size of the Ematum loan rose to million dollars. Before and after his employment at Credit Suisse, Pearse continued, "Privinvest with the knowledge of its executive Jean Boustani, Iskandar Safa and Najib Allam Privinvest's Chief Finance Officerwired me millions of dollars in unlawful kickbacks from loan proceeds and illegal payments for my assistance in securing loans made by Credit Suisse".
As managing director of Credit Suisse Securities Europe Ltd, Pearse led the team that closed the million dollar loan to Proindicus in February He said that Boustani "offered to pay me half of the amount by which I, together with others, reduced a subvention fee to be paid by Privinvest in connection with the loan".App android sicurezza bambini
Safa was aware of my agreement with Boustani". In March"I agreed with Safa and Boustani that I would receive a percentage of any further Proindicus loan proceeds that Privinvest received after the initial million dollar loan", Pearse said.
Pearse said he knew that another Credit Suisse banker, Surjan Singh, "was secretly being paid by Privinvest to aid the conspiracy.Revit joist girder
Pearse explained that he assisted "in bringing about an agreement between Singh and Boustani, of which Safa was aware, under which Singh received payments totalling 4. Pearse also told the judge that, after he left Credit Suisse, Boustani told him that Privinvest had paid the son of the then President of Mozambique Armando Guebuza at least 50 million dollars. Guebuza's son, Ndambi, is currently under detention in Maputo, where the Attorney-General's office intends to charge him with criminal offences arising from the illicit loans.Iskandar Safa born April is a French businessman of Lebanese origin.
Together with his brother Akram Safahe is the owner of Privinvest Holding, a major international naval construction group. Safa was born in Beirut in to a Maronite Christian family.
In the late s, Safa enrolled in the American University of Beirutgraduating with a Bachelor of Engineering degree in civil engineering. Inhe became President of Triacorp International. During the s Iskandar and his brother Akram founded Privinvest, a shipbuilding company specialising in naval and commercial vessels and mega yachts. He is currently considered as one of the wealthiest people in Lebanon.
From Wikipedia, the free encyclopedia. Archived from the original on 22 December Retrieved 9 December Retrieved 8 April David Bowen hears his plans". La Tribune. Nice Matin. Archived from the original on 12 November Categories : births Living people French businesspeople French people of Lebanese descent. Hidden categories: Pages with archiveurl citation errors.
This Briefing Note sets out the known details of the controversial loans to Mozambican companies and their ramifications for the government, the banking sector and international financial institutions. Download PDF. Between February and Maythree Mozambican companies contracted Middle Eastern shipbuilding group Privinvest and other suppliers to provide a tuna fishing fleet and maritime security.
This sum exceeded the total amount of external debt raised directly by the government between andand breached commitments made to the International Monetary Fund IMF in July Mock-ups of the metre high-speed interceptors were disclosed on the day the deal was announced. Ematum itself was left with no working capital for its operating costs or funds for future debt repayments.
The lending package was signed in Junebut not disclosed to investors who purchased the Ematum debt just months later. The deal included the provision of spare parts and maintenance for the fleet, and the establishment of a naval training school. A parliamentary inquiry later found Chang acted in contravention of Article of the Mozambique Constitution, which requires that the legislature be consulted on sovereign guarantees. President Nyusi, who took office in Januarysought to rectify remaining irregularities.
Mozambique honoured the first scheduled repayment, despite a budget shortfall amid declining commodity prices, substantial currency depreciation and delays to the development of liquid natural gas LNG reserves. In Marchstruggling to meet its obligations, the government was forced to restructure the balance of the Ematum debt.
When no one has clean hands, who do you punish?
Charles Blitzer, a former IMF assistant director advising investors, asserts that the process failed to comply with recognised principles for fair debt restructuring. In Octoberthe government conceded that it did not have sufficient capital to service any of the three loans, including the restructured Ematum debt.
The government and its creditors are at an reached an impasse. Mozambique wishes to restructure the three debts; however, holders of the sovereign bond have refused to negotiate until an independent audit has been completed, and the IMF resumes its programme.
It is unlikely that Mozambicans will ever know precisely how the money borrowed was spent, or what assets remain unaccounted for, given the veil of secrecy surrounding the transactions. A major challenge is that holders of the original Ematum debt, which has since been repackaged as a sovereign bond, will resent being treated identically to holders of ProIndicus and MAM debt: inEmatum bondholders agreed to a longer amortisation period in return for a higher coupon rate.
Having been restructured into a bullet payment, the annual interest burden related to the sovereign bond is already much lower than the debt-servicing costs associated with ProIndicus and MAM.
Frelimo, is reluctant to acknowledge that the guarantees were issued illegally. The Nyusi government would rather assume the liabilities inherited from the Guebuza administration than risk the political fall-out. Tariq Hamoodi, a partner at Bybrook Capital in London, anticipates Mozambique honouring its obligations — eventually.
Panellists noted that the ruling party, Frelimo, is reluctant to acknowledge that the guarantees were issued illegally. Hamoodi points to the recent restructuring of the Ematum bond as having precluded any admission of wrongdoing. He views all three debts as equally binding and regards any calls for differential treatment as unrealistic. Hamoodi anticipates the three being bundled into a single loan, despite sovereign bondholders holding out for a better deal. One way to alleviate the haircut on international investors might involve Mozambique issuing gas warrants, granting creditors a certain share of future revenues from Empresa Nacional de Hidrocarbonetos ENHthe state oil and gas company.
Getting off the hook? Dr Joseph Hanlon, visiting senior fellow at the London School of Economics, pointed out there is an argument against bundling the three loans. By contrast, the Ematum debt is now packaged as a sovereign bond.
All three debts were issued in London under contracts governed by English law. Hanlon believes that a legal process in the UK could prove advantageous for Mozambique.This report is part of an investigation made possible by a grant from Journalismfund. Since the hidden loan to ProIndicus was discovered in April this yearthe IMF and international donors have suspended financial aid to the country which is having to make deep cuts to basic services in order to avoid defaulting on the loans.
EMATUM combined a fishing fleet with naval defence vessels, while ProIndicus is purely a coastal defence equipment deal, according to the Mozambique government. A previous version of this article stated that Andrew Pearse is in the pay of, and working directly for, Privinvest and its owner, Iskandar Safa. All rights reserved. Save my name, email, and website in this browser for the next time I comment.
April, 0. Leave this field empty. We use this for some functionality on our website to work properly, and also to collect analytics to better understand our visitors and offer them a better experience. You can accept all cookies at once or fine-tune your preferences in the cookie settings.
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