Debt scandal: Privinvest sues three Mozambican firms for breach contract

Abu Dhabi-based holding company Privinvest has begun arbitration proceedings to claim compensation against three Mozambican state-owned companies at the centre of $2 billion debt scandal, its spokesman Jeffrey Birnbaum said on Monday. Privinvest's claim comes nearly two months after Mozambique named the company in a lawsuit against firms that were involved in arranging the loans that tipped Mozambique into a debt crisis.