Investors Knew Of Mozambique Graft, Boustani Jury Hears

Law360, New York (November 15, 2019, 9:28 PM EST) -- Jurors in the securities fraud trial of Privinvest Group executive Jean Boustani over a purported $2 billion fraud and kickback scheme involving Mozambican state-backed loans heard on Friday from a former emerging markets asset manager turned consultant who said corruption in the East African country was well known to investors.

Boustani is accused of defrauding investors in over $2 billion in loans Credit Suisse and Russian Bank VTB made to three Mozambican government-backed special purpose vehicles — Proindicus, EMATUM and MAM — in order to finance maritime projects which Abu Dhabi-based shipbuilder Privinvest was contracted to complete.

Prosecutors say Boustani and...

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