Tag: debt scandal

• Thursday, January 9th 2020 - 08:48 UTC

  Something smells rotten in Maputo: Russian bank suing Mozambique over US$ 2bn in loans

  

  Russian bank VTB is suing a Mozambique state-owned company over US$ 535 million it extended as part a series of loans now at the centre of a US$ 2 billion debt scandal. An online court filing dated Dec. 23 shows VTB has lodged a lawsuit in Britain’s High court against the Mozambique state and Mozambique Asset Management, which borrowed the money from VTB as part of a costly project that U.S. authorities say was an elaborate front for a bribery and kickback scheme.