The Mozambican government is currently being accused of corruption after it guaranteed a Eurobond loan of $850 million dollars without a public tender of approval of the parliament. This loan is intended to assist the Mozambique Tuna Company (Ematum) to restructure its debt.

Eduardo Sengo, economic adviser at Mozambique’s Confederation of Economic Associations reacted in this manner to the move: “With the Ematum debt, the external debt of Mozambique grew very rapidly and it is estimated currently at about $7 billion.”

Venancio Mondlane, who was candidate for Mayor of Maputo in the 2013 municipal elections, has said that the loan represented 53% Mozambique’s public debt to international financial markets.

Ematum had been set up in 2013 with funding provided by Eurobond loans. The funds were used to purchase 30 vessels from France. The Mozambican government then announced in June of this year that it wanted to restructure Ematum’s debt. This had led to a plunge in the company’s bonds.


Source: The FCT Post - http://www.fctpost.com/2015/07/16/mozambique-government-criticized-over-tuna-fleet-scandal/

CC: Lalasticlala - Front page please

What is scandal? Don't ve an idea cos jonathan tenure was scandal free

Looting is involved