Kroll Associates UK presents report on Mozambique’s debt on 31 March

14 February 2017

The Kroll Associates UK consultancy will submit its report on the loans taken on by three public companies in Mozambique – Ematum, Proindicus and Mozambique Asset Management- by 31 March the Attorney General’s Office (PGR) said in a statement.

The completion and submission of this report, the costs of which will be covered by Sweden, is a condition for the International Monetary Fund (IMF) and the partners of the Group of 14 to resume financial support to Mozambique.

The Attorney General’s Office also said in a statement that Kroll Associates UK requested an additional month to complete the audit, which led to the new date being set.

The audit is to verify the existence of criminal offences in the process of the establishment, financing and operation of these companies, who took high value loans with government guarantees without the approval of the Mozambican parliament.

The PGR also said that the work done by the auditor includes analysis of extensive financial information and other available documentation, visits to the offices of the three companies, visits to facilities and equipment in various parts of the country, interviews with government members, public officials and employees of the three companies and other personalities.

Kroll also requested additional information and documents from suppliers, banks and other institutions, both domestic and foreign, to supplement or clarify the documentation provided by the three companies.

The three companies obtained loans of more than US$2 billion from European banks (mainly Credit Suisse and VTB Russia), including US$850 million for Ematum, US$622 million for Proindicus and US$535 million for Mozambique Asset Management. (macauhub)