Mozambican state companies have failed to account for about a quarter of the proceeds of $2 billion in loans being investigated, according to a report by Kroll LLC that creditors said was needed for debt restructuring talks to start.
“At least $500 million of expenditure of a potentially sensitive nature remains unaudited and unexplained,” Kroll said in the report, commissioned last year by Mozambique’s attorney general. Credit Suisse Group AG and VTB Bank PJSC were paid almost $200 million in fees for arranging the loans, the New York-based investigator said.
