Africa
12:51, 18-Feb-2019
Mozambican ex-president's son arrested in $2 billion fraudulent debt case
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The son of former Mozambican president Armando Guebuza was arrested at the weekend in connection with a two billion U.S. dollar government debt scandal, state-owned media and a judicial source said.
The arrest comes just over a month after three ex-Credit Suisse bankers were charged in the United States with fraud over their role in a 2013 deal in Mozambique that involved borrowing to fund projects including a state tuna fishery.
Ndambi Guebuza, the oldest of Guebuza's four children, became the ninth person detained in the case, the country's state-owned media AIM reported on Sunday.
The southern African state admitted in 2016 to undisclosed lending, prompting the International Monetary Fund and foreign donors to cut off support, triggering a currency collapse and a default on Mozambique's sovereign debt.
It is still struggling to overcome the resultant debt crisis.
Source(s): Reuters