Money
The high roller caught in a net over $2 billion tuna scandal
The son of Mozambique’s former president is one of 18 individuals appearing in court today over a two billion dollar Tuna scandal
The charges relate to blackmail, embezzlement and money laundering, with the corruption case causing donors to halt funding for the nation and send the economy into a spin.
From 2013 and 2014, three new companies took on over $2 billion of debt, with the government acting as the guarantor of the loans before $500 million went missing.
The money was allegedly used to buy a large tuna factory and a shipping fleet, in which the state was the leading shareholder.
When details of the deal became public and the government admitted the scale of the operation, Mozambique’s economy immediately plunged, triggering a financial crisis.
The country’s currency fell to record lows, inflation skyrocketed and foreign donors pulled their support.