Privinvest's Legal Setback in Mozambique's 'Tuna Bond' Scandal

The London High Court denied Privinvest the right to appeal Mozambique's lawsuit win related to the 'tuna bond' scandal. Mozambique accused Privinvest of bribery to secure projects in 2013-2014. The court ruled Mozambique should receive $825 million, plus indemnifications, while Privinvest plans to approach the Court of Appeal.

Emirati-Lebanese shipbuilder Privinvest faced a setback on Tuesday as a London court denied it permission to appeal against Mozambique's legal victory in the infamous 'tuna bond' scandal. The case stems from claims that bribery influenced the terms of several projects initiated in 2013 and 2014, aiming to benefit from Mozambique's bountiful tuna resources.

In July, London's High Court decided that Mozambique deserved just over $825 million from Iskandar Safa and Privinvest firms, along with an indemnity linked to $1.5 billion owed to financiers, less $420 million Mozambique already recouped. The ruling denies Privinvest's appeal prospects, although the company intends to approach the Court of Appeal directly.

(With inputs from agencies.)