Abu Dhabi’s Privinvest sues Mozambique in debt scandal:
Abu Dhabi-based shipbuilder Privinvest said on Monday it had begun arbitration proceedings to claim compensation against three Mozambican state-owned companies at the center of a $2 billion debt scandal.
Privinvest’s claim comes nearly two months after Mozambique named the company in a lawsuit against firms involved in arranging loans meant primarily to fund a fleet of fishing boats but which ended up tipping Mozambique into a debt crisis.
The US Justice Department alleges several people, including a former employee of Privinvest, facilitated $200 million in bribes and kickbacks to themselves and government officials from the $2 billion loans.
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