VTB Capital Sues Mozambique For $670M Amid Fraud Fallout

Law360, London (April 6, 2020, 11:09 PM BST) -- The British arm of a Russian lender has sued Mozambique in London for more than $670 million sunk into maritime projects alleged to have been fronts for a massive bribery and corruption scandal that has toppled politicians and bankers.

VTB Capital, part of the Moscow-based VTB Group, accused the country of failing to repay a 2014 facility agreement that was ostensibly designed as an infrastructure package to develop a fishing fleet, coast guard and other maritime projects.

The bank lent the Mozambique Asset Management SA, a government-run company, more than $535 million that U.S. prosecutors say became part of an elaborate...

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