Mozambique’s action on ‘tuna bond’ scandal could stall investment – The Wall Street Journal

LONDON — It took a long time for the long running tuna bond case in Mozambique to lead to arrests. And you would think that the crime fighters in South Africa's neighbour would be keen to prosecute those responsible for crippling the country and effectively blocking loans to them from the IMF.  It was however only once the long arm of the American legal system decided to charge the three former bankers of Credit Suisse and the country's former finance minister Manuel Chang, plus executives from Privinvest Group that Mozambique sprang into action and started arresting former government officials. The action by the Frelimo Government however effectively blocks the extradition of Mozambicans to the US. They also want Mr Chang to be extradited from South Africa to Mozambique, and not the US, a move which is supported by the South African government. It seems that Mozambique does not want extensive details of the case to surface before the country's October elections. If they wait for the international community to go after corrupt officials and frustrate those efforts they may however put the foreign investment that one of the poorest countries in Africa so desperately needs, at risk. – Linda van Tilburg

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