Mozambique | - Part 3

Credit Suisse Among Banks Probed on Mozambique, WSJ Reports

MAPUTO (Capital Markets in Africa) – U.S. authorities are investigating Credit Suisse Group AG, BNP Paribas SA and VTB Group for their roles in selling about $2 billion of bonds for Mozambique, the Wall Street Journal reported, citing unidentified people familiar with the matter. The Federal Bureau of Investigation is examining whether the banks facilitated corruption by enabling officials from the African nation to take money raised in the debt sales, the newspaper reported. The Justice Department…

Anadarko May Not Decide on Mozambique Gas Until 2018, ENH Says

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MAPUTO (Capital Markets in Africa) – Anadarko Petroleum Corporation isn’t likely to make a final investment decision on its $20 billion liquefied natural gas project in Mozambique before the end of next year, even as it races to get the fuel to markets ahead of rivals, its state-owned partner said. The venture may look at options to speed the process up, such as selling at a lower price to international LNG traders who would collect…

Rio, Ex-CEO Face Fraud Charges on $3.7 Billion Coal Calamity

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LAGOS (Capital Markets in Africa) – Rio Tinto Group’s calamitous $3.7 billion coal deal in Mozambique, involving a plan to barge the fuel hundreds of kilometres down the Zambezi River, keeps coming back to haunt the world’s second-biggest miner — already grappling with another African misadventure. U.S. authorities filed fraud charges against London-based Rio, former Chief Executive Officer Tom Albanese and ex-Chief Financial Officer Guy Elliott, claiming they inflated the value of the coal assets acquired in 2011. The unit…

Mozambican Companies Criticized Over Debts Slam Kroll Audit

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MAPUTO (Capital Markets in Africa) – Three state-owned Mozambican companies whose government-guaranteed debts led the gas-rich nation to default have criticized an audit by Kroll LLC that questioned their actions in the scandal. The companies queried two key findings by Kroll, including that more than $500 million of debt remains unexplained, and said the entire maritime security project that the loans funded “was public from day one,” according to a letter from their lawyers, Alexandre…

Mozambique’s Nyusi Tightens Grip on Ruling Party After Congress

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MAPUTO (Capital Markets in Africa) – Mozambican President Filipe Nyusi cemented his grip on the ruling party at its leadership congress that ended Monday, and new leadership elected to Frente de Libertacao Mocambique’s most powerful organ may signal a cabinet reshuffle. Nyusi, who has ruled the country since the start of 2015, won nearly 100 percent of the vote to secure another five-year term as party president, as well as an endorsement to stand as its candidate in…

Mozambique’s Caa3 rating captures risk of sizeable losses for private creditors from default

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MAPUTO (Capital Markets in Africa) – Mozambique’s Caa3 credit rating and negative outlook reflect Moody’s expectations that the ongoing default event will result in sizeable losses for private creditors, Moody’s Investors Service said in an annual report today. The report, “Government of Mozambique — Caa3 Negative, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of this press release. The research is an update…

Mozambique Central Bank Trims Rates for Second Time This Year

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MAPUTO (Capital Markets in Africa) – Mozambique’s central bank cut rates for the second time this year as price growth continued to moderate. The Monetary Policy Committee reduced the permanent lending facility rate to 22.5 percent from 22.75 percent, Governor Rogerio Zandamela said in a statement on the Maputo-based bank’s website. Inflation slowed to 16.2 percent in July, the lowest since April 2016, having peaked at 26.8 percent in November. “The prevalence of risks to the inflation outlook requires…

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