Finance
UK Court Says Shipbuilder Privinvest Can Appeal Over 'tuna Bond' Case
Published by Global Banking & Finance Review®
Posted on April 22, 2025
2 min readLast updated: January 24, 2026
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Privinvest wins appeal in the Mozambique tuna bond case, challenging a $825 million ruling. The Court of Appeal sees a real prospect of success.
Privinvest Wins Appeal in Mozambique Tuna Bond Case
LONDON (Reuters) -Emirati-Lebanese shipbuilder Privinvest has been granted permission to appeal against Mozambique's victory in a London lawsuit over the decade-old "tuna bond" scandal, its lawyer said on Tuesday.
The southeast African country sued Privinvest and its now late owner Iskandar Safa, alleging they paid bribes to Mozambican officials and Credit Suisse bankers to secure favourable terms on three projects in 2013 and 2014, including one designed to exploit Mozambique's tuna-rich coastal waters.
London's High Court ruled last July that Mozambique was entitled to payment of just over $825 million from Safa and companies in the Privinvest group, plus an indemnity in relation to $1.5 billion it is liable to pay lenders and bondholders, less around $420 million already recovered by the country.
In December, the High Court refused to grant Privinvest permission to appeal. But London's Court of Appeal has now allowed an appeal to go ahead following a direct application, saying it had a real prospect of success.
A date for the appeal has not yet been set.
The Mozambique government could not be immediately reached for comment.
Mozambique's lawsuit centred on deals struck by state-owned companies with Privinvest for loans and bonds from banks including Credit Suisse for fishing boats and maritime security, projects backed by undisclosed state guarantees.
But hundreds of millions of dollars went missing and, when the government debt came to light in 2016, donors such as the International Monetary Fund temporarily halted support, triggering a currency collapse, defaults and financial turmoil.
Mozambique's case had also been brought against Credit Suisse, since taken over by UBS, which agreed an 11th-hour settlement with Mozambique in October before reaching a deal with Privinvest during the trial, allowing the lender to draw a line under the scandal.
In January, a former Mozambique finance minister was sentenced to 8-1/2 years in prison after being found guilty of participating of conspiracy to commit wire fraud and conspiracy to commit money laundering in the "tuna bonds" case.
(Reporting by Michael Holden; Editing by Sharon Singleton)
Key Takeaways
- •Privinvest granted appeal in tuna bond case.
- •Mozambique initially won $825 million ruling.
- •Court of Appeal sees real prospect of success.
- •Credit Suisse settled with Mozambique in October.
- •Former Mozambique finance minister sentenced.
Frequently Asked Questions about UK court says shipbuilder Privinvest can appeal over 'tuna bond' case
1What is the main topic?
The main topic is Privinvest's appeal in the Mozambique tuna bond scandal case, challenging a previous court ruling.
2What was the initial ruling?
Mozambique was awarded over $825 million from Privinvest, with additional indemnities related to $1.5 billion in liabilities.
3What is the significance of the appeal?
The appeal allows Privinvest to challenge the previous ruling, with the Court of Appeal acknowledging a real prospect of success.
