A BRITISH judge has ruled against throwing out a high-profile lawsuit brought by Mozambique against Credit Suisse and other parties involved in the controversial ‘tuna bonds’ case. The defendants had argued that Mozambique had failed to fully disclose documents related to the $2bn scandal. However, High Court Judge Robin Knowles, in a judgment published on Monday, deemed it unjust, disproportionate, and unnecessary to strike out the case merely three months before the scheduled London trial.
While declining the dismissal, Judge Knowles highlighted that the disclosure duties of all parties involved are ongoing. The lawsuit originates from three deals in 2013 between Mozambican state-owned companies and shipbuilder Privinvest. These deals were financed, in part, by loans and bonds from Credit Suisse, backed by undisclosed guarantees from the Mozambican government. The funds were ostensibly intended for the development of the fishing industry and maritime security.
However, it was discovered that hundreds of millions of dollars went missing, and when the state loan guarantees were revealed in 2016, international donors, including the IMF, ceased support. This triggered a severe currency collapse and a debt crisis in Mozambique.
In March, Judge Knowles had raised the possibility of dismissing the case, ordering Mozambique to ensure access to relevant documents held in key state offices such
as the Office of the President and the State Information and Security Service. The defendants, including Credit Suisse and UAE-Lebanese company Privinvest, had called for the case to be thrown out if Mozambique failed to provide sufficient disclosure.
Under the litigation rules in England, each party involved is obligated to disclose documents that are pertinent to their own case, those that could potentially harm their own case, and those that support the argum
ents of the opposing party.
The ruling by the British judge signifies that the lawsuit will proceed to trial in London, keeping the spotlight on the ‘tuna bonds’ scandal and the alleged misconduct of Credit Suisse and other parties involved.
(with Reuters)
