About: http://data.cimple.eu/news-article/0a9881d3004abbcbf49d85f3d718e338110c7f0480304321ee7c12ca

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About: http://data.cimple.eu/news-article/0a9881d3004abbcbf49d85f3d718e338110c7f0480304321ee7c12ca Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	A Dutch appeals court has upheld a decision to fine a Netherlands-based company for issuing bonds to Mozambique linked to a $2-billion loan scandal that plunged the southeast African country into financial crisis. Dutch financial regulator De Nederlandsche Bank (DNB) in 2018 charged TMF Management B.V. with "serious" violations of trust and fined the company 594,000 euros ($716,000) for its involvement in Mozambique's 2013-2014 "hidden debt scandal". TMF took the case to a Dutch appeals tribunal for business, which upheld a 10 percent lower fine on Monday. "The appellant's argument that DNB was not reasonably able to impose an administrative fine for violation of the sanctions regulations failed," the court ruling said. Mozambique in 2013 and 2014 secretly borrowed $2 billion (1.7 billion euros) from global investors to finance a tuna-fishing fleet and a coastal surveillance project. Hundreds of millions of dollars went missing and the project never materialised. TMF, which provides financial and legal services for multinationals, issued eurobonds to a Mozambican state-owned tuna company in 2013 and 2016. During a 2020 appeals hearing, TMF admitted the Mozambique dossier was not adequately monitored but argued it could not be held responsible for the use of funds it helped raise. Mozambique's hidden borrowing came to light in 2016, prompting donors like the International Monetary fund to cut off support. The country -- which relies on foreign aid and is one of the world's poorest -- subsequently defaulted on the loans and plunged into its deepest ever financial crisis. Mozambique is still struggling to restructure its finances. Hopes for multi-billion-dollar investments in offshore natural gas deposits in the country's north were recently thwarted by the escalation of a jihadist insurgency operating in the area. "TMF helped facilitate a significant international fraud that is contributing to the collapse of the Mozambican state and society," Mozambican activist Adriano Nuvunga said in a statement late on Monday. "And a hopeless future makes recruitment for violent extremism attractive to youth," he added. sch/tgb
schema:headline	Dutch company to pay fine for facilitating Mozambique debt scandal
schema:mentions	Dutch language Hadrian Tuna Natural gas Mozambique Jihadism Aid Impose (magazine) International Monetary Fund Court Insurgency Mozambican Civil War The Music Factory De Nederlandsche Bank Violent extremism Eurobond (external bond)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-04-27 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	82 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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