Russian Bank Sues Mozambique Co. Rocked By $2B Fraud

Law360, London (January 7, 2020, 2:49 PM GMT) -- A Russian bank that loaned hundreds of millions of dollars to a state-run Mozambican company embroiled in a $2 billion bond scandal has sued the country's government in London over its commercial arrangements. 

VTB Capital filed a general contract claim against Mozambique and Mozambique Asset Management SA, a government-run company, on Dec. 23, according to a docket entry for the High Court.

The details of the claim were not immediately available, though the Russian bank lent the Mozambican company $535 million to as part of an infrastructure package to develop maritime projects that U.S. prosecutors say were part of an elaborate front...

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