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
• Supported87
  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.
  Company statement, 30 July 20243 records citedBribery
• Contradicted85
  Privinvest and its owner Iskandar Safa denied any wrongdoing and said any payments were lawful.
  Company statement, 29 July 20243 records citedBribery

Cases and proceedings

• United States v. Jean Boustani, Manuel Chang and othersUS District Court for the Eastern District of New York. Criminal. 18-CR-681 (EDNY).Stage: Boustani acquitted in 2019. Chang convicted in 2024 and sentenced in 2025. Outcomes differ per defendant
  • 8 August 2024 Jury convicts Manuel Chang on both conspiracy counts^S1
  • 17 January 2025 Chang sentenced to 102 months with US$7 million forfeiture^S2
• 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 on record

• Privinvest Group and Iskandar Safa, 29 July 2024, on The English Commercial Court ruled on 29 July 2024 that the Mozambique debt was procured b...

  denied any wrongdoing and said any payments were lawful^S7

Revision history

• 25 October 2026 Profile and 4 assessments first published. Records checked to 25 October 2026.

Source records

1. S1Tier A Former Finance Minister of Mozambique Convicted of Fraud and Money Laundering in $2 Billion SchemeUS Attorney's Office, Eastern District of New York. Regulator press release. 8 August 2024.Supports Chang's conviction, the Privinvest role and the bribe figures. It does not convict the company or Boustani.
2. S2Tier A Former Finance Minister of Mozambique Sentenced to 102 Months' Imprisonment for His Role in $2 Billion SchemeUS Attorney's Office, Eastern District of New York. Regulator press release. 17 January 2025.Supports the 102 month sentence and the US$7 million forfeiture. Restitution was left for a later date.
3. 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.
4. 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.
5. 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.
6. 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
7. S3Tier A Three Former Mozambican Government Officials and Five Business Executives IndictedUS Attorney's Office, Eastern District of New York. Indictment. 7 March 2019.Supports the charges against Boustani and others and Privinvest's named role. An indictment is an allegation, not a finding.
8. S8Tier C Salesman cleared in $2-billion Mozambican scam in blow to U.S.Daily Maverick (Bloomberg wire). Press report. 3 December 2019.Reports the Brooklyn jury acquittal of Boustani on all three counts. Press report of a sealed verdict.
9. 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.
10. 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.
11. S10Tier C Mozambique's former finance minister released from US prisonPlataforma (citing Lusa). Press report. 30 March 2026.Reports Chang left US custody by late March 2026 ahead of return to Mozambique. Press report on custody status, not the conviction.