Mozambique is demanding compensation of 10 billion dollars from the company Privinvest due to the damage caused in taking out loans with State guarantees for the benefit of ProIndicus, EMATUM and MAM. In this context, a source from the Attorney General's Office (PGR) informed “Jornal Notícias” in the Friday edition (22.09) that the State is asking the British judicial authorities to declare null and void the guarantees given for the granting of loans mentioned.
Last week, the British Supreme Court authorized the Mozambican state to sue Privinvest, after the company had initially argued that contracts with the state-owned companies involved in this case were governed by Swiss law and should therefore be resolved through arbitration. Privinvest also claimed that contracts signed with Mozambique stipulated that any dispute between the parties should be resolved through arbitration.
Now, Mozambique is moving forward with its request for substantial compensation from Privinvest for the alleged damages caused in financial transactions involving the companies ProIndicus, EMATUM and MAM. The case continues to evolve in the courts and should continue to be closely monitored in the coming months.
