Mozambique recently adjusted its legal claim against the Emirati-Lebanese shipbuilding company, Privinvest, with undisclosed specifics, following the resolution of its case against Credit Suisse (UBSG.S). This development was presented in London’s High Court on Thursday, highlighting the evolving nature of the “tuna bonds” scandal.
This recent agreement effectively concludes Mozambique’s pursuit of compensation from Privinvest for the macroeconomic losses incurred by the African nation.
During a statement on Thursday, Mozambique’s legal representative, Jonathan Adkin, disclosed that an amicable resolution had been reached between the republic and Privinvest. As a result, the contentious matter of economic losses was formally withdrawn from the case.
While Jonathan Adkin did not specify the exact amount regarding this portion of Mozambique’s claim, official court documents indicate that the republic had been seeking approximately $830 million to account for the losses sustained during the period spanning from 2016 to 2018.
The resolution of the dispute between Mozambique and Privinvest occurred just three days following the settlement of a separate case between the southeastern African republic and Credit Suisse’s new owner, UBS (UBSG.S).