rest

The film “Game Over” is currently shown in Swiss cinemas. It tells the story of the decline of the Great Bank Credit Suisse (CS). Towards the end after the scandal stacked on the scandal, the scene changes. The camera swings from Paradeplatz, a place in the city center of Zurich – and ends up in the ports of one of the poorest countries in the world: Mozambique.

The so-called tuna bond scandal is one of the follow-up chapter in the history of Credit Suisse. In 2013, the Mozambique government lent over 2 billion US dollars from CS and other banks. The government wanted to use the money to build a state -of -the -art tuna fishing fleet and strengthen its coastal defense. However, the project failed spectacular – due to mismanagement, corruption and lack of infrastructure.

Boats under trees

The latest satellite images show how the fishing and military patrol boats bought as part of the scandal are decayed in Mozambique. While abandoned fishing boats are in the harbor, expensive speed boats are on land. Some have remained unusable for commercial fishing, since the necessary infrastructure for the operation of the boats has never been developed. The security aspect of the project – military ships that patrol in the domestic waters – also did not remain the expectations.

The ships were not only overpriced, but also at least at least at this point a need that apparently did not exist. Since the deal, Mozambique has had some of the fastest military boats in the world. The Interceptor DV15 and the WP18 strike art could drive over the water at about 100 kilometers per hour – that is, if they were actually in the water. Satellite images show that some speed boats have been on dry land for years, some under trees.

In addition to the arrow speed boats, Mozambique also received other high-tech ships. In the port of Pemba, three ocean eagles 43 patrol boats have been moored in the same place for years, two of them on the beach. The futuristic-looking trimaran was actually developed to protect fishing and economic zones off the coast.

The project was managed by three state -owned companies: Proindicus, Ematum (Mozambique tuna company) and MAM (Mozambik Asset Management). The Emirati-Libanese Shipbuilding Company Privinvest, which belonged to the late Lebanese-French billionaire Iskandar Safa, was responsible for the construction of the ships.

However, the loans were hidden by international donors and the public – which clearly violated the financial transparency obligations in Mozambique. Apparently they were kept secret because they brought huge financial liabilities with them.

At that time, Mozambique was considered an emerging country in Southeast Africa. The project should form the basis for further economic development. However, the government's initiative was severely hindered by corruption. The shipbuilding company paid bribes and setbacks of a total of $ 200 million to two CS bankers and a large number of high-ranking politicians and civil servants in Mozambique.

The scandal led to criminal investigations and legal proceedings in several countries. In 2021, the Credit Suisse was sentenced to a fine of $ 475 million for the brokerage of the loans. Several bankers and the son of the former president of Mozambique were detained for their participation. In March of this year, Lara Warner, the former head of the risk and compliance at Credit Suisse, was finished with a fine of Lara Warner (approx. 120,000 US dollars) with a fine of Lara Warner (approx. 120,000 US dollars) because they had not suspected money laundering in connection with the debacle. The sentence is not yet final.

The government of Mozambique is now fighting with the economic consequences. The scandal damaged the financial reputation of Mozambique, led to a massive economic crisis and made the country lose credibility in the international markets. The case triggered a global debate about responsibility that companies should transfer to the monitoring of government loans, especially in developing countries.

In November 2024, Mozambique commissioned an auction house to sell the fishing fleet to compensate for at least part of the losses. The photos on the website show some of the ships eaten by rust. You can find the ads in Portuguese, English and Chinese. According to the description, the ships are “like new.” In the end, none of the ships themselves received the minimum offer.