Mozambique is seeking more than $3 billion in damages from Emirati-Lebanese shipbuilder Privinvest over the decade-old 'tuna bond' scandal, London's High Court heard on Tuesday.
Traditional fishing boats sail as Mozambique's tuna fleet sits in dock beneath Maputo's skyline, in this picture taken August 15, 2015. REUTERS/Grant Lee Neuenburg/File PhotoLONDON, Oct 17 - Mozambique is seeking more than $3 billion in damages from Emirati-Lebanese shipbuilder Privinvest over the decade-old "tuna bond" scandal, London's High Court heard on Tuesday.
Safa and Privinvest deny any wrongdoing. Privinvest has said it delivered on its contractual obligations and any payments made were investments, consultancy payments, legitimate remuneration or political campaign contributions. But hundreds of millions of dollars went missing and, when the government debt came to light in 2016, donors such as the International Monetary Fund temporarily halted support, triggering a currency collapse, defaults and financial turmoil.
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