Is Privinvest Beginning Another Legal Battle Against Mozambique?

The London Court of Appeal granted permission to Abu Dhabi-based shipbuilder Privinvest and the heirs of late owner Iskandar Safa to appeal Mozambique’s victory in a lawsuit over the decade-old tuna bond scandal, the company’s lawyer confirmed on Tuesday. But a date for the appeal has yet to be set. Last December, the London High Court refused to allow Privinvest to appeal the court ruling in the Mozambique lawsuit, and the company was asked to pay millions of dollars in reparations to the African nation. The Court has now allowed an appeal following a direct application and said “it had a real prospect of success”, reported the Club of Mozambique.

The latest news from the tuna bond scandal was that two top executives, who worked in the UK financial sector, were imposed professional bans in March after their alleged roles in the scandal came to light. Both were charged with money laundering and taking unlawful payments.