A significant judgment earlier this month will help shape Mozambique’s efforts to deal with the fallout from its $2bn “tuna bond” corruption scandal. That outrage against one of the world’s poorest countries — it is ranked 181 out of 189 states on the human development index — caused a collapse of its economy and pushed millions of people further into poverty.

The story involves loans arranged for Mozambique by Credit Suisse, working with a subsidiary of Russian bank VTB, between 2012 and 2016. At that stage the loans amounted to $1bn and were ostensibly intended to finance several major government schemes, among them a fleet of fishery vessels commissioned from international shipbuilding group Privinvest. But there were procedural irregularities involved — for example, the deals were concluded in secret, without the legally required approval of parliament. ..

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