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The Republic of Mozambique and the $2 billion tuna bond scandal

Peters & Peters acts for the Republic of Mozambique in US$2 billion Commercial Court proceedings against Credit Suisse, Abu Dhabi-based shipbuilder Privinvest, its CEO Iskandar Safa and certain former Credit Suisse employees, arising from what the Republic alleges is a massive fraud known as the “tuna bond” scandal.

The claims centre on three sovereign guarantees that purportedly secured very large loans connected with three deals going back to 2013. Mozambique, acting through its Attorney General, claims the purported sovereign guarantees arranged by Credit Suisse and VTB Capital were secured by bribery and corruption.

The Republic is seeking relief for the wrongful conduct of the defendants including bribes paid to members of the bank’s deal team and various former Mozambican officials, which totalled at least US$200 million.

In August 2020 Peters & Peters successfully acted for the Republic in defeating Privinvest and Mr Safa’s attempt to stay the London-based proceedings. The Republic was awarded an interim payment of £630,000 (US$825,000) in costs, and £70,000 costs personally payable by Mr Safa. Read more

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Amy advises on high-value disputes involving complex multi-jurisdictional disputes and interim remedies related to the preservation and protection of assets.

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