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Vol 64 No 25

Published 14th December 2023


'Corruption defence in loans trial

Maputo's lawyers argue that those involved in the maritime schemes should have known how corrupt the country was before they funded them

The London trial over Mozambique's US$2 billion 'hidden loans' nears its end this week as lawyers present their closing arguments. Mozambique sued Credit Suisse bank, along with maritime contractor Privinvest, for over $1bn in 2019, and Russia's VTB Bank is seeking redress for state-backed loans which were not repaid. (In March, CS was taken over by the Swiss bank UBS Group).

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