The Minister of Economy and Finance of Mozambique, Max Tonela, announced today that the Mozambican State has spent approximately 80 million dollars (equivalent to 76 million euros) on legal fees since 2019, as part of the trial of the hidden debts case in London.
During a joint press conference with the Attorney General's Office of the Republic of Mozambique, held in Maputo, Max Tonela revealed that, since the start of the process, in February 2019, the accumulated costs reached around 80 million dollars.
Furthermore, the minister reported that the Mozambican State currently spends around 3.5 million pounds (equivalent to four million euros) per month on the fees of the lawyers involved in the case.
Max Tonela emphasized that the recent extrajudicial agreement reached with the UBS group, related to financing for the purchase of fishing boats by Credit Suisse, will provide a reduction in costs associated with the ongoing trial.
“There are lawyers hired to defend Mozambique’s case, and one of the objectives of the agreement is to mitigate risks, but also to ensure the lowest possible costs, since there is no predictability regarding the continuous duration of the trial process and the costs associated with it” , highlighted Max Tonela.
This extrajudicial agreement represents a significant step in the case of hidden debts and aims not only to resolve the dispute, but also to reduce the financial burden on the Mozambican State related to the ongoing legal process.
