This was the solution found for both parties and puts an end to litigation started four years ago in the London Court by the Mozambican state against Credit Suisse.

"The Mozambican state has reached an out-of-court settlement with Credit Suisse and the other members of the banking syndicate that financed the Proindicus project," the Minister of Economy and Finance, Max Tonela, said today during a joint press conference with the Attorney General's Office (PGR).

Without going into further detail, the Minister of Economy and Finance said that the understanding between the parties brings advantages for Mozambique, presenting it as an equitable solution that meets the need to mitigate the risks and costs inherent in legal litigation.

In fact, the minister revealed that since the beginning of this process in 2019, the Mozambican state has already spent around 80 million dollars, which according to the minister, with this agreement, the amount could reduce significantly as the volume of cases also reduces.

Max Tonela also said that the agreement also opens up space to restore the confidence of international investors in the Mozambican financial market and to strengthen existing ties between Mozambique and global financial institutions.

For his part, Ângelo Matusse, the deputy attorney general, said that the agreement was mutually beneficial for both parties. "In more concrete terms, the agreement mutually releases the parties from their obligations," he said during the press conference.

Matusse also clarified that the agreement with the UBS Group does not affect the other ongoing legal proceedings related to the hidden debts, also mentioning the appeal admitted by the London court on the immunity of President Filipe Nyusi.

The agreement that has now been reached is the result of a process that Mozambique started in 2019 in which it claims that the guarantees given for bank loans for the purchase of maritime security vessels, tuna fishing boats and other equipment should not be considered valid because they were obtained through the corruption of senior state officials.