The Court of Justice of England and Wales has ruled in favor of Mozambique in the civil case in which the State, through the Attorney General's Office (PGR), has brought since 2019 against, among others, five companies of the Privinvest Group and their patron Isakandar Safa, on Hidden Debts (Undeclared Debts).

The Privinvest Group was found guilty and ordered to pay the Mozambican state around 1.9 billion US dollars, including interest, according to a statement issued by the PGR.

The amount refers to the amount the Mozambican state has paid under the Guarantees, including principal, interest and fees; as well as the transaction agreements reached with Credit Suisse and other banks and financial institutions, including the VTBC and BCPsays the document.

The figure also reflects the amounts that the state still has to pay in connection with the Eurobonds and the settlement agreement with VTBC.

Privinvest has also been ordered to pay unquantified interest valued at millions of dollars, the PGR warns.

The Public Prosecutor's Office says it will make every effort to have all the legal costs it has incurred in this case reimbursed.

It should be remembered that in this case, Mozambique was seeking compensation for losses following the Guarantees issued illegally by the former Minister of Finance, Manuel Chang, and in connection with the loans to ProIndicus, Empresa Moçambicana de Atum (Ematum) and Mozambique Asset Management (MAM).

In the verdict handed down today in London, the judge in the case, Robin Knowls, upheld the Mozambican state's claims, considering that the Privinvest Group, acting through Iskandar Safa and Jean Boustani, paid at least seven million US dollars in bribes to Manuel Chang, to induce him to sign the Guarantees, says the PGR.