Latest news with #Emirati-Lebanese
Leaders
04-05-2025
- Business
- Leaders
UAE Lifts Travel Ban on Lebanon Starting May 7
The United Arab Emirates has officially lifted its travel ban on Lebanon, allowing citizens to visit the country starting May 7, 2025, according to Gulf News. 'Citizens wishing to travel are prohibited from leaving the country's ports before completing registration,' Emirati foreign ministry warned in order 'to avoid travel suspension of travel and legal accountability.' This remarkable decision came after an official visit by Lebanese President Joseph Aoun to the UAE last week. During the visit, both leaders agreed to boost bilateral relations through a vast array of initiatives. These initiatives feature the formation of a joint Emirati-Lebanese Business Council, increased efforts to enhance mutual diplomatic representation, as well as support for Lebanon's economic development and institutional reform. During the meeting, both leaders also delved into how to enhance cooperation in economic, investment, and government sectors. UAE, Lebanon Deepen Economic, Diplomatic Ties In this context, the Abu Dhabi Fund for Development will send a delegation to Lebanon to evaluate potential joint projects. Furthermore, the UAE's Knowledge Exchange Office will make an official visit to Beirut in order to share best practices concerning government performance and institutional excellence. In the light of this, Sheikh Mohamed emphasized the UAE's dedication to supporting Lebanon's stability, security, and sovereignty. Moreover, he expressed hope that the visit would boost relations and accelerate mutual development goals. To this end, both countries also agreed to facilitate travel between their countries through appropriate mechanisms. In the same context, Al-Nahyan also revealed that the reopening of Emirati embassy in Beirut was a symbol of the country's commitment to supporting the new phase in Lebanon. Related Topics: Syria, Lebanon Sign Border Demarcation Agreement in Jeddah Saudi Crown Prince, Lebanon's PM Meet in Makkah Saudi Arabia, Lebanon Forge Strong Ties with over 20 Agreements Short link : Post Views: 142
Reuters
22-04-2025
- Business
- Reuters
UK court says shipbuilder Privinvest can appeal over 'tuna bond' case
LONDON, April 22 (Reuters) - Emirati-Lebanese shipbuilder Privinvest has been granted permission to appeal against Mozambique's victory in a London lawsuit over the decade-old "tuna bond" scandal, its lawyer said on Tuesday. The southeast African country sued Privinvest and its now late owner Iskandar Safa, alleging they paid bribes to Mozambican officials and Credit Suisse bankers to secure favourable terms on three projects in 2013 and 2014, including one designed to exploit Mozambique's tuna-rich coastal waters. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. London's High Court ruled last July that Mozambique was entitled to payment of just over $825 million from Safa and companies in the Privinvest group, plus an indemnity in relation to $1.5 billion it is liable to pay lenders and bondholders, less around $420 million already recovered by the country. In December, the High Court refused to grant Privinvest permission to appeal. But London's Court of Appeal has now allowed an appeal to go ahead following a direct application, saying it had a real prospect of success. A date for the appeal has not yet been set. The Mozambique government could not be immediately reached for comment. Mozambique's lawsuit centred on deals struck by state-owned companies with Privinvest for loans and bonds from banks including Credit Suisse for fishing boats and maritime security, projects backed by undisclosed state guarantees. But hundreds of millions of dollars went missing and, when the government debt came to light in 2016, donors such as the International Monetary Fund temporarily halted support, triggering a currency collapse, defaults and financial turmoil. Mozambique's case had also been brought against Credit Suisse, since taken over by UBS, which agreed an 11th-hour settlement with Mozambique in October before reaching a deal with Privinvest during the trial, allowing the lender to draw a line under the scandal. In January, a former Mozambique finance minister was sentenced to 8-1/2 years in prison after being found guilty of participating of conspiracy to commit wire fraud and conspiracy to commit money laundering in the "tuna bonds" case.
Reuters
04-03-2025
- Business
- Reuters
UK's FCA bans former Credit Suisse executives following US criminal convictions
LONDON, March 4 (Reuters) - Two former Credit Suisse managing directors have been banned from the UK financial services industry after they pleaded guilty in the United States over their role in Mozambique's "tuna bond" scandal, Britain's Financial Conduct Authority said on Tuesday. Andrew Pearse and Surjan Singh pleaded guilty in 2019 to accepting kickbacks in relation to around $1.3 billion of loans provided by Credit Suisse to Mozambique, which have prompted litigation and regulatory penalties around the world. Pearse, formerly head of Credit Suisse's Global Financing Group, received around $45 million in kickbacks while Singh received $5.7 million, the FCA said. A lawyer who represented Pearse and Singh in a separate civil lawsuit did not immediately respond to a request for comment. The loans and bonds at the centre of the scandal were provided by banks, including Credit Suisse, to Mozambican state-owned companies in 2013 and 2014. They were intended to fund boats to exploit the country's tuna-rich coastal waters and guarantee maritime security in projects backed by undisclosed state guarantees. But hundreds of millions of dollars went missing and, when the government debt came to light in 2016, donors such as the International Monetary Fund temporarily halted support, triggering a currency collapse, defaults and financial turmoil. Mozambique sued Emirati-Lebanese shipbuilder Privinvest and its now late owner Iskandar Safa in London, alleging they paid bribes to officials and Credit Suisse bankers to secure favourable terms. Last year, Mozambique substantially won its lawsuit though Privinvest is appealing against that ruling. Mozambique's lawsuit was also brought against Credit Suisse, which on the eve of the trial agreed a settlement with Mozambique which also covered Pearse and Singh. In 2021, Credit Suisse agreed to pay about $475 million to British and U.S. authorities to resolve bribery and fraud charges and pledged to forgive $200 million of debt owed by Mozambique. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
