Focus on AfricaRates & Bonds

Mozambique settles macroeconomic loss claim over “tuna bonds”

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 Mozambique has stripped an undisclosed chunk from its claim against Emirati-Lebanese shipbuilder Privinvest over the “tuna bonds” scandal, just days after settling its case against Credit Suisse (UBSG.S), London’s High Court heard on Thursday.

The latest deal draws a line under the costs the African republic was claiming from Privinvest for macroeconomic losses.

Mozambique’s lawyer Jonathan Adkin said on Thursday that the republic had reached a settlement with Privinvest, which had led to the “removal of the economic loss issue” from the case.

Adkin did not give a figure for that portion of Mozambique’s claim, but court filings show the republic was seeking around $830 million for losses suffered between 2016 and 2018.

The settlement comes three days after Credit Suisse’s new owner UBS (UBSG.S) resolved its dispute with the southeastern African republic.

Reporting by Sam Tobin and Kirstin Ridley; editing by William James