The fishing deal got fishier
10th July 2015
Politicians, generals and bankers are in the frame as more details emerge of the country’s worst-ever corruption scandal and new debt mountain.
At vast public expense, the government is set to rescue the controversial state tuna-fishing company, Empresa Moçambicana de Atum (Ematum), from imminent collapse. On 18 June, Finance Minister Adriano Maleiane confessed to Parliament that the US$850 million bond the government is backing was a bad deal and needed restructuring (AC Vol 56 No 12, How far to push Guebuza). Yet the government is still holding on to the fiction that the tuna-fishing element of the deal is viable. There is no serious prospect of tuna fleet profits repaying even a tiny fraction of the money due on the bond, Africa Confidential's investigations reveal.
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