Skip to content

A good deal for whom?

The government says it has cut a good deal with Credit Suisse, but it's impossible to tell what that means

Today’s front pages in Maputo. Photo credit: Faizal Chauque / Zitamar News

Mozambique insists it has got a good deal out of Credit Suisse and most of the other owners of the ProIndicus debt, but it will not say how much money has been written off, and how much it still has to pay.

Leader article continues below for Pro subscribers. Subscribers to the Zitamar News tier can read the full leader article here.

The latest from Zitamar News:

Tuna bond scandal: Mozambique reaches deal with Credit Suisse
The deal means that Swiss bank UBS and the state have settled all their claims and counter-claims with each other

Some reports have said that UBS, which now owns Credit Suisse, has written off $100 million, presumably in addition to the $200m announced two years ago. Still, we don’t know how much of the loan was held by Credit Suisse, and how much will have been written off by other banks who bought portions of the loan, and who participated in this new agreement.

It is also unclear whether Mozambique has won any damages from Credit Suisse for the losses it claims to have suffered from the deals. The government has promised more details to come, with some negotiations with other parties still ongoing. If it transpires it has won no damages, this will not look like much of a victory.

This post is for subscribers on the Zitamar Pro tier


Already have an account? Log in