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Tuna Bonds
The tuna bonds scandal (also known as the tuna bond affair or the hidden debt scandal) refers to a debt scandal where the company Privinvest and its owner Iskandar Safa are alleged to have paid over $100 million in bribes to officials in Mozambique and to Credit Suisse employees Andrew Pearse, Surjan Singh, and Detelina Subeva for contracts and loans to develop Mozambique's fishing industry and improve maritime security. However, later investigations discovered that the loans were backed by undisclosed and illegal state guarantees and a large part of the money was embezzled. Between 2013 and 2014, three state-owned companies – Ematum, Mozambique Asset Management (MAM), Proindicus – borrowed $622 million from Credit Suisse and $535 million from VTB, ostensibly for a project involving tuna fishing and maritime security. The loans were backed by undisclosed state guarantees and a large part of the money went missing. A total of $2.2 billion in hidden loans was uncovered in 2016, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iskandar Safa
Iskandar Safa (; 3 April 1955 – 29 January 2024) was a French businessman and philanthropist of Lebanese origin. In the late 1970s, Safa enrolled in the American University of Beirut, graduating with a degree in civil engineering. He left Lebanon to become a junior civil engineer in the United States, and then moved to France, where in 1982 he graduated with an MBA from INSEAD in Fontainebleau. Together with his brother Akram Safa, he was the owner of Privinvest Holding, a major international naval construction group. In addition to this, Iskandar Safa and his brother Akram controlled, through P.I. Dev SAL, the French company FIMAS SA specialised in developing and managing real estate properties in the South of France. Iskandar's estate was sued in London by the Republic of Mozambique in a corruption known as scandal known as Tuna Bonds or Hidden Debt Scandal. He was subsequently found guilty and was ordered by the High Court in London to pay back $1.9 billion, with interes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mozambique
Mozambique, officially the Republic of Mozambique, is a country located in Southeast Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west, and Eswatini and South Africa to the south and southwest. The sovereign state is separated from the Comoros, Mayotte, and Madagascar by the Mozambique Channel to the east. The capital and largest city is Maputo. Between the 7th and 11th centuries, a series of Swahili port towns developed on that area, which contributed to the development of a distinct Swahili culture and dialect. In the late medieval period, these towns were frequented by traders from Somalia, Ethiopia, Egypt, Arabia, Persia, and India. The voyage of Vasco da Gama in 1498 marked the arrival of the Portuguese Empire, Portuguese, who began a gradual process of colonisation and settlement in 1505. After over four centuries of Portuguese Mozambique, Portuguese rule, Mozambique Mozambican War of Indepen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Suisse
Credit Suisse Group AG (, ) was a global Investment banking, investment bank and financial services firm founded and based in Switzerland. According to UBS, eventually Credit Suisse was to be fully integrated into UBS. While the integration was yet to be completed, both banks are operating separately. However, on May 31, 2024, it was announced that Credit Suisse ceased to exist. Headquartered in Zürich, as a standalone firm, it maintained offices in all major financial centres around the world and provided services in investment banking, private banking, asset management, and shared services. It was known for strict Bank secrecy, bank–client confidentiality and Banking in Switzerland, banking secrecy. The Financial Stability Board considered it to be a Systemically important financial institution, global systemically important bank. Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States. Credit Suisse was founded in 185 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mozambican Metical
The metical (; plural: ) is the currency of Mozambique, abbreviated with the symbol ''MZN'' or ''MT''. It is nominally divided into 100 centavos. The name ''metical'' comes from Arabic ('' mithqāl''), a unit of weight and an alternative name for the gold dinar coin that was used throughout much of Africa until the 19th century. History First metical The metical () replaced the '' escudo'' at par on 16 June 1980. It was divided into 100 ''centavos''. The metical underwent severe inflation. After the revaluation of the Romanian leu on 1 July 2005, the metical briefly became the least valued currency unit, at a value of about 24,500 meticais per USD, until the Zimbabwean dollar took the title in late August 2005. Second metical On 1 July 2006, Mozambique redenominated the metical at a rate of 1000:1. The new ISO 4217 code is . New coins and banknotes were introduced on 1 July 2006, and the transitional period during which both old and new meticais could be used lasted un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate economic stability, stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and poverty reduction, reduce poverty around the world." Established in July 1944 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary systems, international monetary system after World War II. In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed worl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Filipe Nyusi
Filipe Jacinto Nyusi (; born 9 February 1959) is a Mozambican politician who was the fourth president of Mozambique from 2015 to 2025. He has also served as the Chairman of the Southern African Development Community from 2020 to 2022. During his time in office, President Nyusi signed multiple agreements with the main opposition parties, RENAMO. Nyusi served as the Minister of Defense from 2008 to 2014 under Armando Guebuza. He won the 2014 Mozambique presidential election, 2014 and 2019 Mozambican general election, 2019 Mozambican presidential elections as the candidate of FRELIMO. Despite allegations of irregularities the President of the National Election Commission stated that "the elections were free, fair and transparent", with the Constitutional Count verifying the result on 23 December 2019. However, according to the European Union Election Observation Mission in Mozambique, Commonwealth Observer Groups, Commonwealth Observer Group, and the U.S. Embassy in Mozambique, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Manuel Chang
Manuel Chang ( zh, s=曼努埃尔·郑; born 22 August 1955 in Gaza Province) is a Mozambican economist and former politician of the FRELIMO party. From 2005 to 2015 he served as the Minister of Economy and Finance in the cabinet of President Armando Guebuza. He replaced Luísa Diogo as Finance Minister in February 2005. His work as Finance Minister was intertwined in a debt scandal. In January 2015 when President Filipe Nyusi Filipe Jacinto Nyusi (; born 9 February 1959) is a Mozambican politician who was the fourth president of Mozambique from 2015 to 2025. He has also served as the Chairman of the Southern African Development Community from 2020 to 2022. During his ... assumed office he replaced Chang as Finance Minister with Adriano Maleiane. Debt scandal Three state-owned Mozambique companies were created to exploit the county's marine resources; Proindicus was to perform coastal surveillance, Ematun was to engage in tuna fishing and MAM was to build and maintain s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Armando Guebuza
Armando Emílio Guebuza (born 20 January 1943) is a Mozambique, Mozambican politician who was the third President of Mozambique from 2005 to 2015. Career Guebuza, born at Murrupula in Nampula Province, joined the Mozambique Liberation Front (FRELIMO) at the age of 20, shortly after it began Mozambique's Mozambican War of Independence, war of independence against Portugal. By the time independence was achieved in 1975, Guebuza had become an important general and leader in FRELIMO. He became interior minister in the Samora Machel government and issued an order forcing most Portuguese residents to leave within 24 hours, known as the 24/20 declaration, 24/20 order because the residents in question were restricted to 20 kilograms of luggage. During the 1980s Guebuza developed an unpopular program known as "Operation Production" in which jobless people from urban areas were moved to rural areas in the northern part of the country. Following Machel's 1986 death in a plane crash in Sou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2010s Scandals
1 (one, unit, unity) is a number, numeral, and glyph. It is the first and smallest positive integer of the infinite sequence of natural numbers. This fundamental property has led to its unique uses in other fields, ranging from science to sports, where it commonly denotes the first, leading, or top thing in a group. 1 is the unit of counting or measurement, a determiner for singular nouns, and a gender-neutral pronoun. Historically, the representation of 1 evolved from ancient Sumerian and Babylonian symbols to the modern Arabic numeral. In mathematics, 1 is the multiplicative identity, meaning that any number multiplied by 1 equals the same number. 1 is by convention not considered a prime number. In digital technology, 1 represents the "on" state in binary code, the foundation of computing. Philosophically, 1 symbolizes the ultimate reality or source of existence in various traditions. In mathematics The number 1 is the first natural number after 0. Each natural number, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scandals In Mozambique
A scandal can be broadly defined as the strong social reactions of outrage, anger, or surprise, when accusations or rumours circulate or appear for some reason, regarding a person or persons who are perceived to have transgressed in some way a social norm. These reactions are usually noisy and may be conflicting, and they often have negative effects on the status and credibility of the persons or organizations involved. Society is scandalized when it becomes aware of breaches of moral norms or legal requirements, often when these have remained undiscovered or been concealed for some time. Such breaches have typically erupted from greed, lust, or the abuse of power. Scandals may be regarded as political, sexual, moral, literary, or artistic, but often spread from one realm into another. The basis of a scandal may be factual or false, or a combination of both. In contemporary times, exposure of a scandalous situation is often made by mass media. Contemporary media has th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
