Mozambique Seeks Cancellation of Government Guarantees on Proindicus Debt in London Court

Mozambique is seeking the cancellation of government guarantees on debts run up by state-run security firm Proindicus which helped spark a debt crisis in the country, its prime minister was quoted as saying on Wednesday. Mozambique has a case in London's High Court against investment bank Credit Suisse and a number of other parties linked with the $2 billion (£1.5 billion) worth of loans, which have sparked investigations in the United States and Mozambique, the International New York Times reported on a Reuters story. Court filings say the case relates to "commercial contracts", but give no further details. Mozambique state news agency AIM said Prime Minister Carlos Agostinho da Rosario told the Mozambican parliament that Maputo had approached the London court to attempt to cancel the sovereign guarantee associated with the debt. Read more