11 March 2019
The United States Department of Justice has indicted three more suspects in a 2 billion US dollar fraud and money laundering scheme. The scheme victimised investors in the United States and around the world.
The government guaranteed loans of over two billion dollars obtained by the security-related companies Proindicus, Ematum (Mozambique Tuna Company) and MAM (Mozambique Asset Management).
In a press statement released on Thursday, the US Attorney’s Office revealed that it has charged Najib Allam, an executive of the Privinvest family of maritime services companies, and two former Mozambican government officials. Privinvest is the Abu Dhabi-based company that received the entire two billion dollars of loans from the banks Credit Suisse and VTB of Russia. The company was the sole contractor for providing fishing vessels, speedboats and other assets to Mozambique Tuna Company and Mozambique Asset Management
The US authorities are perfectly clear as to what the defendants have done, stating that they orchestrated an immense fraud and bribery scheme that took advantage of the United States financial system, defrauded its investors and adversely impacted the economy of Mozambique, in order to line their own pockets with hundreds of millions of dollars. Club of Mozambique reported.