Mozambique secret loans: Bankers arrested!

Three former bankers have been arrested in London as part of an investigation into $2 billion of odious loans to Mozambique. This is a major step forward in our campaign to hold those responsible to account, and stop the debt being forced on people in Mozambique.  Bribing public officials in other countries is a criminal …

What we have learned from the US indictment on odious loans to Mozambique

Yesterday three former employees of Credit Suisse were arrested in London over $2 billion of odious loans to three state owned companies in Mozambique, given in 2013. The loans were given to companies with no revenue, and were not agreed by the Mozambique parliament, making them illegal in Mozambique. Two of the three loans only …

Former Credit Suisse bankers arrested in London over $2bn loans to Mozambique

Reacting to the news that three former Credit Suisse bankers have been arrested in London, as part of a US investigation into $2 billion of loans to Mozambique, Tim Jones, policy officer at Jubilee Debt Campaign said: “This is another welcome step in holding those responsible for the debt crisis in Mozambique to account. The …

Former Mozambique Finance Minister arrested in relation to $2bn secret loans

Responding to reports that former Mozambique Finance Minister Manuel Chang has been arrested in South Africa in relation to the $2 billion secret debt deals, Tim Jones, policy officer at the Jubilee Debt Campaign said: “It is welcome that the US authorities are continuing to pursue this case. Hopefully this arrest will lead to further …

Mozambique campaigners launch scathing criticism of UK regulator

Leading civil society organisations in Mozambique have launched a scathing attack on the UK’s Financial Conduct Authority for dropping its criminal investigation into Credit Suisse over secret loans given in 2013. The organisations, which include the Budget Monitoring Forum (FMO) and Centre for Public Integrity (CIP), regard the loans as unconstitutional and illegal because they …

FCA decision to drop Mozambique investigation ‘deeply disappointing’

Reacting to reports that the UK’s Financial Conduct Authority has dropped its criminal investigation into Credit Suisse’s loans to Mozambique, Tim Jones, policy officer at the Jubilee Debt Campaign said: “It is deeply disappointing that the FCA has dropped its criminal investigation into Credit Suisse over its loans to Mozambique. Hundreds of millions of dollars …

‘Outrageous’ Mozambique debt deal could make 270% profit for speculators

• People of Mozambique to pay $1.7 billion to $2.2 billion on original loan of $760 million, which was not agreed by Mozambique parliament, and which has been of no benefit This article is available in Portuguese here. The government of Mozambique has announced it has reached an agreement on a new debt payment plan …

Mozambique proposes paying secret debts in a decade

Hints that if creditors do not agree, legality of the debt may become an issue Bondholders reject proposal, but no creditor has taken legal action on defaulted debts In a meeting with private creditors in London on 20 March, Mozambique presented an initial debt restructuring offer. Mozambique, or the state owned companies who owe the …

100 UK MPs criticise Mozambique secret lenders ahead of debt talks in London

100 MPs sign motion which expresses concern about secret loans and calls for new transparency measures Mozambique government meeting creditors in London on 20 March On 20 March the Mozambique government will meet private creditors in London to discuss debt restructuring proposals. Mozambique began defaulting on the $2 billion debts in 2016, most of which …