The English Commercial Court ruled on 29 July 2024 that the Mozambique debt was procured by bribery orchestrated by Privinvest and found the Privinvest entities liable to the Republic.

Why this label

On 29 July 2024 the English Commercial Court gave judgment in the Mozambique proceedings^S5. White & Case, acting for Mozambique, said the court affirmed that the disputed debt was procured by bribery and corruption orchestrated by Privinvest^S6. The judgment records a US$2 million payment by Privinvest Shipbuilding SAL that the Privinvest companies and Mr Safa accepted^S4. Reuters reported Mozambique was held entitled against Mr Safa and the Privinvest companies to just over US$825 million^S7. The court refused permission to appeal and required a payment on account of costs^S5. Counsel for Mozambique reports the Court of Appeal struck out the Privinvest appeal on 6 May 2026 after the group did not meet the security terms, so the July 2024 judgment is final against the Privinvest entities^S11. This is a civil finding, not a criminal conviction.

Current procedural position

Liability judgment given 29 July 2024 in [2024] EWHC 1957 (Comm)^S4. Permission to appeal refused on 10 December 2024 in [2024] EWHC 3188 (Comm)^S5. Privinvest appeal struck out by the Court of Appeal on 6 May 2026, judgment final against the Privinvest entities^S11.

Evidence score: 87 of 100

The score grades how well the record establishes this assessment. It is not a score of Privinvest Group. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.

Timeline

1. 29 July 2024Commercial Court finds Privinvest entities liable^S4
2. 10 December 2024Court refuses permission to appeal and orders costs on account^S5
3. 6 May 2026Court of Appeal strikes out Privinvest appeal, judgment final^S11

Related cases

• The Republic of Mozambique v Credit Suisse International and others (Privinvest Defendants)High Court of Justice, Business and Property Courts of England and Wales, Commercial Court. Civil. [2024] EWHC 1957 (Comm).Stage: Judgment given 29 July 2024. Permission to appeal refused 10 December 2024. Privinvest appeal struck out by the Court of Appeal on 6 May 2026, judgment final against Privinvest entities^S11
  • 10 December 2024 Permission to appeal refused in [2024] EWHC 3188 (Comm), costs on account ordered^S5
  • 6 May 2026 Court of Appeal strikes out Privinvest appeal, judgment final^S11

Responses

• Privinvest Group and Iskandar Safa, 29 July 2024: denied any wrongdoing and said any payments were lawful^S7

Revision history

• 25 October 2026 Assessment first published with label Supported.

Have a record that changes this assessment? See corrections and responses.

Sources

1. S6Tier B White & Case secures critical settlements for Republic of Mozambique in long-running multibillion-dollar debt disputeWhite & Case LLP (for the Republic of Mozambique). Company statement. 30 July 2024.Counsel for Mozambique states the bribery finding against Privinvest. It is a party statement and gives no damages figure.
2. S4Tier A The Republic of Mozambique v Credit Suisse International and others [2024] EWHC 1957 (Comm)High Court of Justice, Commercial Court (National Archives). Court judgment. 29 July 2024.Records payments by Privinvest Shipbuilding SAL accepted by the group and Safa, and Safa's death after trial. We did not read every concluding paragraph.Link working, checked 25 October 2026
3. S11Tier B Tuna Bonds appeal successfully struck outPeters & Peters Solicitors LLP (for the Republic of Mozambique), reporter Brian McDonald. Company statement. 13 May 2026.Counsel for Mozambique reports the Court of Appeal struck out the Privinvest appeal by order of 6 May 2026 after the group did not meet security terms, so the July 2024 judgment is final against the Privinvest corporate entities. It states no damages figure.
4. S7Tier C UPDATE 1-Mozambique 'substantially' wins UK lawsuit against Privinvest over 'tuna bond' scandalReuters (via CNBC Africa), reporter Sam Tobin. Press report. 29 July 2024.Reports the just over US$825 million award against Safa and Privinvest and the group's denial. Press colour, not the primary record.
5. S9Tier C Hidden Debts: Privinvest appeal against Mozambique dismissedAgencia de Informacao de Mocambique (AIM), reporter Alberto Massango. Press report. 17 May 2026.Reports the appeal dismissal and the judgment now final against Privinvest entities. Its about US$1.9 billion figure is higher than the just over US$825 million Privinvest award Reuters reports (S7), so we do not rely on it. Press report, not the court order.
6. S5Tier A The Republic of Mozambique v Credit Suisse International & Ors [2024] EWHC 3188 (Comm)High Court of Justice, Commercial Court (National Archives). Court judgment. 10 December 2024.Judgment 13 refusing the Privinvest companies permission to appeal and ordering costs on account. It does not restate the damages sum.

Other claims about Privinvest Group

• Supported92
  The US Department of Justice said a federal jury convicted former Mozambique finance minister Manuel Chang in August 2024 and named Privinvest Group executives as co-conspirators who paid bribes.
  Regulator statement, 8 August 20243 records citedBribery
• Supported80
  A Brooklyn federal jury acquitted Privinvest's lead salesman Jean Boustani on all counts in December 2019.
  Press report, 3 December 20192 records citedFraud
• Contradicted85
  Privinvest and its owner Iskandar Safa denied any wrongdoing and said any payments were lawful.
  Company statement, 29 July 20243 records citedBribery