I am writing about the hidden $597 million loan arranged by the London branches of Credit Suisse and VTB to Proindicus in Mozambique, as well as the $535 million loan by VTB to Mozambique Asset Management.
The loans violated Mozambique law, as they were not agreed by the Mozambique Parliament. Furthermore, the loans were also not disclosed to the Mozambican people, the International Monetary Fund or other international lenders and donors. I believe that the people of Mozambique never provided legal consent to these loans through their agreed democratic and constitutional processes, and as a result it is wrong for Credit Suisse and VTB to profit from the Proindicus loan, and for VTB to profit from the MAM loan. Banks that facilitate loans to an impoverished country which break the law of that country should have no expectation of getting repaid or generating income from that business. I call on you to do the right thing and drop these debts.