Feds Rest In Case Of Alleged $2B Mozambican Loan Fraud
Law360, New York (November 13, 2019, 9:37 PM EST) -- New York federal prosecutors on Wednesday rested their monthlong case against Privinvest Group executive Jean Boustani, who stands accused of conspiring to defraud investors in $2 billion worth of loans used to finance state-backed maritime projects in Mozambique.
The government has alleged a complex scheme in which Boustani and others are said to have used over $200 million in project funds to bribe Mozambican government officials and pay kickbacks to Credit Suisse bankers to ensure loans from the Swiss lender and Russian bank VTB to state-owned entities that were intended to fund fishing, coastal surveillance and shipyard construction projects, which Privinvest...
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