Mozambique: Out-of-Court Settlement Cancels Most of MAM Debt

Maputo — The Mozambican Ministry of Economy and Finance and the Attorney-General’s Office (PGR) announced on Monday that the government has obtained an out-of-court settlement with the banks which lent 535 million US dollars to the fraudulent company Mozambique Asset Management (MAM) in 2014.

MAM was one of three companies set up as part of the fraudulent scheme known nowadays as the “hidden debts’.

The term “hidden debts’ refers to the enormous loans, totaling over two billion US dollars, which…