Boustani had been accused of conspiracy to commit securities fraud, wire fraud conspiracy and conspiracy to commit money laundering. Boustani took a combative stance on the charges, unlike most of the others accused of involvement.
Pearse negotiated down rates on the debt that Mozambique would pay to Credit Suisse, in exchange for bribes.
It seems the jury disagreed. Boustani had rejected involvement in the potential sale of loans to US investors, saying his role had only been to structure the deal with Mozambique. According to the US indictment, filed in DecemberBoustani negotiated the deals, including bribes.
One unnamed bank employee who was opposed to working with Privinvest was sidelined by Pearse. During the recently concluded trial, Singh testified that Boustani had threatened to expose the transfer of cash to Credit Suisse.
Boustani rejected accusations that he had arranged bribes. Payments were made to the bankers as part of their work on behalf of Prinvinvest, he maintained. The defence did a very good job of essentially nullifying the case, of asking the jury what the case was doing [in a US court]. You have to get them to care. Mozambique is in the process of seeking some recompense over the hidden debts scandal. The government filed a case against Credit Suisse, and its three former employees, in February.
Mozambique has been reported as seeking to make the bank and Privinvest guarantee payments for a Eurobond, into which one of the three debt packages was converted. Scottish Government sought to 'assist' troubled CS Wind prior to job losses. Sign up to our Daily newsletter. Updated on December 4 Boustani had been accused of conspiracy to commit securities fraud, wire fraud conspiracy and conspiracy to commit money laundering.
Still alive According to the US indictment, filed in DecemberBoustani negotiated the deals, including bribes. Updated December 4 with Wernick comments. Boustani beats Mozambique charges in US court. Next Post.Bloomberg -- For six weeks Jean Boustani, a Lebanese salesman at a shipbuilding company, sat quietly in a New York court as prosecutors summoned 20 witnesses to support charges he defrauded U.
On Monday, Boustani began to tell his side of the story to the jury, something many lawyers generally advise against because it exposes their clients to cross-examination. Speaking quietly and wearing a white, dress shirt, gray slacks and a navy zip-up sweater, Boustani, 41, told the jury that to steer business projects in the Middle East and Africa, you need agents. But U. Boustani is one of eight people who U. On Monday, Boustani told the jury how he started and eventually ended up pitching a French-Lebanese billionaire on the idea of expanding his shipbuilding business to Africa.
He said okay. Privinvest and its units were the sole suppliers for the Mozambican projects that included a tuna-fishing operation, shipyards, and a coastal security system. The company and Safa have previously denied wrongdoing. The case is U.
Boustani, cr, U. To contact the reporter on this story: Patricia Hurtado in Federal Court in Manhattan at pathurtado bloomberg. To contact the editors responsible for this story: Joe Schneider at jschneider5 bloomberg.
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Mozambique’s Hidden Debt Scandal: Noose Tightening Around Credit Suisse and Privinvest?
Related Video Up Next. Now Showing. The information you requested is not available at this time, please check back again soon.In the U. Federal Jury in Brooklyn, NY, acquitted Lebanese ship salesman Jean Boustani, an employee of Middle East-based shipbuilder Privinvest Groupof conspiracy to commit fraud and money laundering in a case involving the Republic of Mozambique. Boustani, a year old salesman employed by the global shipbuilderwas acquitted on all counts of conspiracy to commit wire fraud, securities fraud and money laundering.
Boustani was declared innocent after being held in custody for almost a year based on U. The acquittal struck a blow to the U. The trial presented some major challenges for the jurors, who viewed thousands of documents including emails, text messages, Privinvest files, official contracts and financial records involving transactions executed in the Middle East, Europe, and Africa. The U. The widely commented loan scandal revolved around three Mozambican state-owned companies that had secured loans from two European banks to purchase a fleet of tuna trawlers, created a coastal surveillance system, and develop a shipyard in Mozambique.
After failing to follow through on the projects, the government defaulted on its Euro-bonds in Boustani pleaded not guilty and Privinvest, which is not charged with any crime, denied any wrongdoing.Linux som
The three former Credit Suisse bankers pleaded guilty and agreed to cooperate with U. During the six-week long trial, a parade of foreign officials appeared on the witness stand to discuss transactions negotiated in various foreign countries. Witnesses for the prosecution also failed to uphold the assertion that the prices of the boats and equipment were inflated, testifying instead that the prices listed in the documents appeared to be consistent with the market value of the boats and equipment in question.
At the announcement of the verdict that freed him after spending nearly a year behind bars, Boustani smiled and hugged each of his lawyers after making the sign of the cross in the Brookly, NY, courtroom. Addressing U. Michael Schachter, defense attorney for Mr.
France says this provides financial stability and credibility, critics say it hinders economic development. In Africa, some take away wealth from the people and the continent. France is certainly among them. Its research and development program focuses on marine renewable energy.
As for Safa himself, he was born in in Beirut into a Maronite Christian family. He worked for a few years in Saudi Arabia before taking over Constructions Mecaniques de Normandie, a French shipyard. Within two years he turned around a business that was on its last legs into a successful company. Privinvest is now one the largest ship-building companies in Europe and the Middle East. Privinvest played a key role passing money between them and Safa was allegedly at the heart of the deal, having previously sold the country military and surveillance equipment through Privinvest.
The country still has not recovered from the resulting debt crisis. E-mails show the parties openly discussing bribes.FIGHTING CORRUPTION
Luanda in recent times has turned a cold shoulder to Lisbon, and instead warmed to Paris. Part of this shift was a deal signed in September with Privinvest. The problem was two-fold: firstly, Angola only has around 1, sailors and little ship-building experience, making the deal suspicious; and secondly, the country was in dire financial straits.
Okonjo-Iweala said the proposal meant Nigeria would have to shoulder all the risk, and that such a large loan would have to be approved by the National Assembly. The deal was not signed, and Okonjo-Iweala had no regrets. Welcome to Africanews Please select your experience.
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More info in our Cookies policy page.The indictment was previously unsealed on January 3, as to co-defendants Jean Boustani, a Privinvest executive, Manuel Chang, the former Finance Minister of Mozambique, and Andrew Pearse, Surjan Singh and Detelina Subeva, former high-ranking investment bankers at an international investment bank the Investment Bank.
Each defendant is charged with wire fraud conspiracy and money laundering conspiracy. Richard P. Sweeney, Jr. The proceeds of the loans were intended to fund three maritime projects for which Privinvest was to provide the equipment and services. The loans were subsequently sold in whole or in part to investors worldwide, including in the United States. In doing so, the participants in the scheme conspired to defraud these investors by misrepresenting how the loan proceeds would be used, the amount and maturity dates of other financial obligations held by Mozambique and the ability of the government of Mozambique to repay the loans.
Boustani was arrested in Queens, New York on January 2, and arraigned later that day in federal court in Brooklyn.
Boustani has pleaded not guilty to the charges, and a trial date has not yet been set. Allam remains at large. Nhangumele has not yet been arrested on the charges in this indictment and Nhangumele is not currently in U.
Do Rosario has not yet been arrested on the charges in this indictment and is not currently in U. Chang, a citizen and resident of Mozambique, was the former Finance Minister of Mozambique, and is charged for signing guarantees on behalf of Mozambique for the three corrupt loans. Chang was arrested on December 29,in South Africa, pursuant to a provisional arrest warrant issued at the request of the United States.
The United States is seeking his extradition. At the time of the charged scheme, Pearse and Singh were managing directors, and Subeva was a vice president, of the Investment Bank.
Each has been charged for facilitating bribe payments to government officials in Mozambique and for circumventing the internal accounting controls of the Investment Bank, which arranged two of the three loans. Pearse, Singh and Subeva were arrested on January 3,in the United Kingdom, pursuant to provisional arrest warrants issued at the request of the United States. The United States is seeking their extradition.
The charges in the indictment are allegations, and the defendants are presumed innocent until proven guilty. Amatruda and Mark E. Fuhr of the Fraud Section are prosecuting the case.
Mozambique: ‘Hidden Debts’ – Definitive Accusation Lists Bribes Paid By Privinvest
The Department appreciates the significant cooperation and assistance provided by the United States Securities and Exchange Commission. The Department also appreciates the assistance provided by law enforcement authorities in the United Kingdom and in South Africa. You are here U. Department of Justice. Thursday, March 7, Docket No.
Attachment s :.
Download Indictment. Topic s :. Component s :. Criminal Division. Criminal - Criminal Fraud Section.Loans on this scale to recently formed companies with no track record, and run by the Mozambican security and intelligence service SISEwere only possible because government officials, notably Finance Minister Manuel Chang, signed loan guarantees — pledging that, if the companies did not repay, the Mozambican state would be liable.
Privinvest became the sole contractor for the three companies, providing them with boats and other assets at vastly inflated prices.Portapack havoc manual
But, initially, it was not clear that the Privinvest scheme would win Mozambican political approval. So, according to the prosecutors, one of the Mozambicans working on the project, Teofilo Nhangumele, contacted his old friend Bruno Langa, a SISE officer, to ask how to unblock matters. Langa turned to his friend and business partner, Ndambi Guebuza, the oldest son of the then President, Armando Guebuza.
He took the project to his father, who did indeed give the green light. Then the bribes began to flow. The largest bribe paid by Privinvest was for 33 million US dollars, paid to Ndambi Guebuza, the prosecution says. Tags: Africa anti-corruption corruption. Search ACD. Latest Videos. Follow Us.
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Pin It on Pinterest.Maputo — The definitive charge sheet from the Public Prosecutor's Office against 20 people accused of involvement in Mozambique's largest ever financial scandal gives exhaustive details of bribes paid by the Lebanon-based company Privinvest. Loans on this scale to recently formed companies with no track record, and run by the Mozambican security and intelligence service SISEwere only possible because government officials, notably Finance Minister Manuel Chang, signed loan guarantees - pledging that, if the companies did not repay, the Mozambican state would be liable.
Privinvest became the sole contractor for the three companies, providing them with boats and other assets at vastly inflated prices. But, initially, it was not clear that the Privinvest scheme would win Mozambican political approval.
So, according to the prosecutors, one of the Mozambicans working on the project, Teofilo Nhangumele, contacted his old friend Bruno Langa, a SISE officer, to ask how to unblock matters. Langa turned to his friend and business partner, Ndambi Guebuza, the oldest son of the then President, Armando Guebuza. He agreed, provided he received adequate "thanks". He took the project to his father, who did indeed give the green light. Then the bribes began to flow. The largest bribe paid by Privinvest was for 33 million US dollars, paid to Ndambi Guebuza, the prosecution says.
The first major payment from Privinvest was for 14 million dollars, deposited on 26 Marchin Guebuza Junior's Abu Dhabi account. In order not to alert the Mozambican financial authorities to what was going on, Ndambi Guebuza opted to use South African companies as middlemen. Hence on 18 JunePrivinvest transferred 2. The FNB was taken aback at the size of this transfer and asked for an explanation of the relationship between Ndambi Guebuza and Privnvest.
Apparently they were satisfied with Guebuza's explanation, since the money became available on 20 Junejust two days after the transfer. The money was then used to acquire real estate, automobiles and for other expenditure. Thus Guebuza Jr acquired one property in South Africa for On 17 JunePrivinvest transferred a furtherdollars to Jouberts Attorneys, at Guebuza's request. That money was used to buy a Ferrari luxury sports car.
Privinvest then, on 23 Apriltransferred Ndambi Guebuza used this money to buy at least 15 vehicles in South Africa, some for himself and some to offer to friends.
On 23 DecemberJouberts Attorneys received about 19 million rands from Privinvest, which Ndambi Guebuza then transferred to a variety of individuals and companies in South Africa. On 22 Julythe same law firm received 8. The Mozambican prosecutors, sifting through Guebuza Jr's financial records, have drawn up a long list of people and companies who received some of this money. The latter company received instructions from Ndambi to transfer three million rands to a second law firm, Nochumsoth Teper Attorneys, to buy a property for his sister, the late Valentina Guebuza.
In order not to alert the South African financial authorities, this payment was broken into three parts, each for a million rands. Teofilo Nhangumele and Bruno Langa each received 8.
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