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Vol 60 No 2

Published 25th January 2019


US spears the loan sharks

Indictments against foreign bankers and top Frelimo officials tied to the $2billion secret loans fraud have panicked the government. The charges are just the beginning

The United States government has indicted a swathe of bankers, sales people and Mozambican public officials with wire fraud, money laundering and securities fraud. It claims a criminal network of Mozambicans conspired with partners in foreign banks and shipbuilding companies to set up fraudulent projects. They would profit from fees on the necessary loans and from kickbacks from overpriced services and equipment.

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