Mozambican Attorney General analyses audit report on loans

15 May 2017

Kroll Associates UK has handed over to the Mozambican Attorney General’s Office (PGR) the audit report on loans contracted by three state-owned companies, the PGR said in a statement issued in Maputo on Friday.

The Attorney General’s Office also said that it has already begun to analyse the report in order to see whether it complies with some of the requirements presented, including a full translation into Portuguese and added that after this analysis the document will be made public, with due legal secrecy in place.

The PGR recalled that the audit was intended to assess the existence of criminal and other infractions in the process of setting up, financing and operating public companies Empresa Moçambicana de Atum (Ematum), ProIndicus and Mozambique Asset Management (MAM).

The three companies contracted loans from international banks, mainly Credit Suisse and VTB of Russia, of more than US$ billion (Ematum US$850 million, Proindicus US$622 million and MAM US$535 million).

In April 2016, the International Monetary Fund (IMF) decided to suspend financial assistance to Mozambique following the discovery of undisclosed loans amounting to US$1.4 billion to Proindicus and MAM, followed by the remaining members of the Group of 14, international organisations and countries that provided aid to Mozambique.

The international and independent audit, resulting from an agreement between the government of Mozambique and the IMF, was requested by the Attorney General of the Republic of Mozambique and paid for by Sweden. (macauhub)