Mozambique 25 Nov: The audit gets underway

Good afternoon. The independent, international audit into the three deals that have left Mozambique bankrupt is now underway, with Kroll expected to produce its report by the end of February.

SEE: Kroll kicks off audit into three deals that bankrupted Mozambique

Meanwhile, the Mozambique government has decided to reveal more information about the terms of the loans, including confirming the fact that one of them was arranged by Palomar Capital Advisors - the financial advisory firm linked to the supplier on all three deals, Lebanese businessman Iskandar Safa.

SEE: Palomar named as joint arranger on $535m Mozambique shipyards loan

The full extent of what seems a highly irresponsible investment by the state social security fund, the INSS, in Nosso Banco, is starting to become clear. But it remains a mystery what it and electricity utility EDM were doing investing in a bank in the first place.

SEE: Mozambique public pension fund sank 3.5bn meticais into failed Nosso Banco

Meanwhile Moza Banco, which unlike Nosso Banco is being kept on life support, is going ahead with opening four new branches next week.

SEE: Moza Banco to open four new branches despite uncertain future

A senior member of Frelimo, appointed to the powerful Political Commission by Armando Guebuza and kept there by Filipe Nyusi, was today appointed Minister of Education. She becomes the only minister to also be an elected politician, as a serving member of parliament - but it is unclear whether she will be forced to relinquish her seat there to join Nyusi’s cabinet.

SEE: Senior Frelimo member named Mozambique’s new education minister

And finally, tomorrow marks one year since Zitamar News published its first article. Many thanks to all our readers and subscribers for your support so far. We remain a completely independent news outlet, exclusively funded through subscriptions to www.zitamar.com.

It’s been an eventful year for Mozambique, and we don’t expect the news flow to slow down soon. To subscribe for full access to Zitamar News, click here or email subscriptions@zitamar.com.

Have a great weekend.
 

RECENT POSTS

• Senior Frelimo member named Mozambique’s new education minister

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• Mozambique public pension fund sank 3.5bn meticais into failed Nosso Banco

• Palomar named as joint arranger on $535m Mozambique shipyards loan

• Kroll kicks off audit into three deals that bankrupted Mozambique