Mozambique's $3.1 billion lawsuit against Emirati-Lebanese shipbuilder Privinvest is a politically motivated attack to deflect blame for the failure of economic projects, the company's lawyers told London's High Court on Thursday.
Mozambique is suing Privinvest and its owner Iskandar Safa over the fallout from the decade-old "tuna bond" scandal, which devastated the economy of one of the world's poorest countries.Privinvest and Safa paid bribes on an "industrial scale" in relation to three projects in 2013 and 2014, including one to exploit its tuna-rich coastal waters.
But Privinvest and Safa, which both deny any wrongdoing, argue Mozambique squandered the economic potential of the projects and is now seeking to escape its financial obligations. He said Mozambique had a "sound plan to enable Mozambique to stand politically and economically on its own feet", but that the republic's ministers failed to make the projects work.
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