The ruling is a significant victory for Mozambique, which has long sought to hold Privinvest accountable for alleged bribery and corruption in the decade-old $2 billion “tuna bond” scandal. The scandal has been described as one of modern history's most significant financial crimes and has led to several high-profile investigations and criminal charges.
The scandal, involving Mozambique, Privinvest, its owner Iskandar Safa, Credit Suisse and others, is one of modern history's most significant financial crimes. The dispute centres around three loans issued in 2013 and 2014 to allegedly develop the country’s fishing industry. However, Mozambique now alleges that the deals were corrupt and have exposed it to a potential liability of around $2 billion.
In an important ruling, the UK Supreme Court has allowed the case to be heard in a lengthy public trial in the High Court, beginning on October 3. This is a significant victory for Mozambique, which has long sought to hold Privinvest accountable for the alleged bribery and corruption in the decade-old “tuna bond” scandal.
The outcome of this case could have far-reaching implications for corporate transparency and accountability. It is a reminder that companies must be held to the highest standards of ethical conduct and that any attempts to hide wrongdoing must be met with swift and decisive action.
It will also be interesting to see how the Mozambique government pursues its case. It has already taken a strong stance against alleged corruption and should be commended for its efforts to ensure justice is served.
The UK Supreme Court ruling is a welcome step towards ensuring that the perpetrators of alleged financial crimes are held accountable and that justice is served. We look forward to seeing the outcome of the trial in October.