Mozambique settles macroeconomic loss claim over "tuna bonds"

Mozambique has stripped an undisclosed chunk from its claim against Emirati-Lebanese shipbuilder Privinvest over the "tuna bonds" scandal, just days after settling its case against Credit Suisse, London's High Court heard on Thursday. The latest deal draws a line under the costs the African republic was claiming from Privinvest for macroeconomic losses.

Mozambique has stripped an undisclosed chunk from its claim against Emirati-Lebanese shipbuilder Privinvest over the "tuna bonds" scandal, just days after settling its case against Credit Suisse, London's High Court heard on Thursday.

The latest deal draws a line under the costs the African republic was claiming from Privinvest for macroeconomic losses. Mozambique's lawyer Jonathan Adkin said on Thursday that the republic had reached a settlement with Privinvest, which had led to the "removal of the economic loss issue" from the case.

Adkin did not give a figure for that portion of Mozambique's claim, but court filings show the republic was seeking around $830 million for losses suffered between 2016 and 2018. The settlement comes three days after Credit Suisse's new owner UBS

resolved its dispute with the southeastern African republic.