Mozambique - 04

Mozambique: The EMATUM Affair: Implications for State Finances

On 17 June the first session of parliament after its recess started with a bang as MDM MP Venancio Mondlane repeatedly called for the arrest of former President Armando Guebuza and his finance minister, Manuel Chang, for their alleged involvement in failing state-owned EMATUM. According to the MP, the company’s opaque and unprofitable operations, including a 2013 loan without parliamentary oversight, are simply too egregious to go unpunished. The MDM’s corruption allegations will serve to increase the political pressure on Guebuza and his allies. While we believe that it is unlikely that either Guebuza or Chang will face arrest, the EMATUM issue is relevant for IOCs given its disproportionate impact on the government’s already troubled finances.

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