Ndambi Guebuza, the son of former president Armando Guebuza, was one of 19 defendants, including two to intelligence service officials - Gregorio Leao, the former head of the economic unit and Antonio do Rosario, who headed three state-owned firms that illicitly borrowed billions.
The so-called"hidden debt" scandal involved state-owned companies that illicitly borrowed $2 billion in 2013 and 2014 from international banks to develop a tuna fishing industry and buy surveillanceThe money went directly to three companies managed by Rosaro, who called himself a"super CEO" during the trial.
Much of the money raised for the fishing project was diverted via kickbacks to bankers and Mozambique officials.When the"hidden debt" came to light in 2016, the International Monetary Fund and other donors cut off financial support to Mozambique, triggering a sovereign debt default and currency collapse, pushing the country into the worst economic crisis in its history.
Guebuza took a $33 million bribe that went to satisfy his"desire for luxury", the judge said, listing some of the assets the former president's son acquired with the money, which included 15 luxury cars and a mansion in a high-end suburb of Johannesburg, in neighbouring South Africa.Get the latest in African news delivered straight to your inbox
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Source: News24 - 🏆 4. / 80 Read more »
Mozambique court finds former president's son, others guilty over $2bn scandalA Mozambican court on Wednesday found a former president's son and 10 other people guilty on charges related to a $2 billion 'hidden debt' scandal that crashed the southern African nation's economy, sentencing them each to more than 10 years in prison. Why can’t we do this in South Africa? Atleast but what is 10 yrs? MYANC Government should learn from them! VoetsekANC
Source: TimesLIVE - 🏆 28. / 59 Read more »
Mozambique court finds former president's son, others guilty over $2bn scandalA Mozambican court on Wednesday found a former president's son and 10 other people guilty on charges related to a $2 billion 'hidden debt' scandal that crashed the southern African nation's economy, sentencing them each to more than 10 years in prison. CyrilRamaphosa i just wanted to say BOSASA corruption will not get buried...🤔 Is there any African country that's not corrupt..this whole continent is fucked...and I wonder why
Source: SundayTimesZA - 🏆 47. / 51 Read more »
Mozambique court finds former president's son, others guilty over $2bn scandalA Mozambican court on Wednesday found a former president's son and 10 other people guilty on charges related to a $2 billion 'hidden debt' scandal that crashed the southern African nation's economy, sentencing them each to more than 10 years in prison.
Source: SowetanLIVE - 🏆 13. / 63 Read more »