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☆ Mozambique's Nyusi to blame over 'tuna bond' scandal, shipbuilder's owner says
▼ + stars: | 2023-10-25 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Mozambique President Filipe Jacinto Nyusi addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsLONDON, Oct 25 (Reuters) - Mozambican President Filipe Nyusi was ultimately responsible for the failure of the projects at the centre of the "tuna bond" scandal, the owner of Emirati-Lebanese shipbuilder Privinvest told London's High Court on Wednesday. "When President Nyusi replaced former President Guebuza a power struggle ensued between them," Safa said. "President Nyusi made deliberate decisions to undermine the projects and as a result the republic failed to take the necessary steps to monetize the projects as intended." The trial began in earnest last week after a delay caused by Mozambique's 11th-hour settlement with Credit Suisse's new owner, UBS (UBSG.S).

Persons: Filipe Jacinto Nyusi, Eduardo Munoz, Filipe Nyusi, Privinvest, Iskandar Safa, Safa, videolink, Armando Guebuza's, Nyusi, Guebuza, Mozambique's, Sam Tobin, Rod Nickel Organizations: General Assembly, REUTERS, London's, Credit Suisse, party's, UBS, International Monetary Fund, Thomson Locations: Mozambique, New York City, U.S, Mozambican, Privinvest, Nyusi, Paris

ABUJA, Nigeria (AP) — If you listen to the African leaders addressing the U.N. General Assembly this year, the message is emphatic and unanimous: The continent is done being a victim of a post-World War II order. It is a global power in itself and must be partnered with — not sidelined. There’s also a new boldness that comes with the African Union’s G20 seat. With the largest bloc of countries at the United Nations, it is understandable that African leaders increasingly demand a bigger voice in multilateral institutions, said Murithi Mutiga, program director for Africa at the Crisis Group. As African leaders spoke glowingly about the continent as a force on the global stage, some at home said the leaders must begin by delivering the dividends of democracy to their people.

Persons: —, There’s, William Ruto, Nana Akufo, Addo, Africa’s, Cyril Ramaphosa of, ”, Bola Tinubu, Tinubu, Murithi Mutiga, Rashid Abdi, Horn of, ” Abdi, Felix, Antoine Tshisekedi, Filipe Nyusi, Nyusi, Ibrahim Mayaki, Mayaki, Grace Agbu, Mamadi Doumbouya Organizations: General Assembly, Kenyan, United Nations, Crisis, African Development Bank, Gulf, Slave Trade, SEAT, Economic Cooperation, Development, Democratic, Africa Center, ” Locations: ABUJA, Nigeria, Africa, Russia, Ukraine, Cyril Ramaphosa of South Africa, Horn of Africa, Nairobi, Europe, United States, Paris, Democratic Republic of, Congo, New York, Nigeria’s, Abuja, “, ”

☆ Mozambique can sue Privinvest in London 'tuna bond' case, UK court rules
▼ + stars: | 2023-09-20 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Mozambique is suing Privinvest, its owner Iskandar Safa, Credit Suisse and others over three loans raised in 2013 and 2014, ostensibly to develop its fishing industry. In the Supreme Court case, Privinvest argued the dispute must be heard in secret arbitration proceedings. But senior judges unanimously allowed the case to be heard in a lengthy public trial in the High Court, due to begin on Oct. 3. The judgment validates Mozambique's decision to bring proceedings in the High Court, said Mozambique's London law firm Peters & Peters. The High Court ruled this month that Nyusi has state immunity.

Persons: Filipe Jacinto Nyusi, Eduardo Munoz, Privinvest, Iskandar Safa, Peters, Peters & Peters, Safa, corruptly, Filipe Nyusi, Nyusi, Helen Taylor, Kirstin Ridley, Manuel Mucari, William James, Tomasz Janowski, Alexander Smith Organizations: General Assembly, REUTERS, Credit Suisse, Peters &, Privinvest, UBS, Mozambican, Corruption, Thomson Locations: Mozambique, New York City, U.S, Britain, Court, London, Lebanon, Abu Dhabi, United States, Mozambican, Maputo

Whether Mozambique and its allies can stamp out the insurgency altogether is a question that has global repercussions as countries hunt for new sources of liquefied natural gas (LNG). Mozambique has huge natural gas reserves which, if managed effectively, could transform its fortunes. With already more than 100 trillion cubic feet of proven offshore natural gas reserves, one industry insider likened its future potential equal to Russia – a natural gas giant. The Mozambican forces, as had happened multiple times in smaller towns, were unable to stop them. Fighting between the terrorist group and the Mozambican army and Rwandan Security forces has left its mark on the town.

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