The Tuna Bonds and the bankruptcy of Mozambique - VisualPolitik EN

This is the story of a fraud that has been estimated to have cost one of the poorest countries in the world its entire GDP for a year.

How did Mozambique go from being one of the most promising economies in the whole African continent to being more than US$4 billion in debt in less than 20 years? In this video, made in collaboration with Value School, we give you the whole story.

[conw_y]

“Unlimited expectations, unbridled greed and country risk” — VisualPolitik delivers again!

[diogovaz]

Man, I am so happy that my country is being featured in your channel. Yet, profoundly embarassed for such reasons.
First and foremost, congratulations to the video. It is very accurate and I bet, due to repression, most Mozambicans have no clue of this (in such detail).
Currently, it is undergoing the biggest action in Courts due to the "Hidden Debts" you should check that. Were all parties envolved are being prossecuted and, hopefully, holded liable for their criminous acts.
Concerning to the queries you made on the final of the video, Mozambicans SHOULDNT pay for the debts contracted by their corrupt leaders. Specially when our former Minister of Economy, who signed and granted the Public Funds as a warrantie of payment without the Public Consultation, and even, without the Mozambican's General Assembly prior consent.
There is a figure of International Public Law called "The Odious Debt" that states that a country shouldnt be hold liable for corrupt debts and bussiness made by its leaders. Check that out, could be material for a new video ;)
Once again, thank you for covering this!!!

[TheRareVideosXL]

That's so sad.Corruption is everywhere.That's the heartbreaking truth.

[sipsonwegner]

as a mozambican it saddens me to see that mozambique media suppress all this

[freetolook]

Biggest scandal Tuna Bonds.
Buying shares in "valuable" artwork: " Hold my stock options!"

[ronzac]

My hometown has big tuna industry and we are very blessed by it. It's the least poor region in the island, below 10%. Tuna price is affordable by everyone and tuna export to East Asia is good along with canned tuna industry.

[Byrzzaa]

Makes me so sad to hear over and over again about these massive frauds.

[atrakcyjnywaldemar]

I recommend a book The Looting Machine (by Tom Burgis) which shows how Africa has been (and still is) systematically abused in many ways.

[IKEMENOsakaman]

Wow who thought there were a connection between Tuna and Mozambique!? 😆

[mutajumarobhe]

We have recently published an article on the role of institutional quality and resource governance on achieving sustainable economic development in mineral, oil and gas rich countries. Unfortunately resource endowed African countries can't achieve development because they have poor institutions characterized by widespread corruption which leads to poor governance of their resources. Nice topic @ visual politik

[ramk]

How is Credit Suisse involved in almost all financial scandle or flops in the last decade?

[freetolook]

This scenario seems to be the way of the world now.
The thing that I can't decide on is if it's only because we're more aware in the digital age or if it was always been this way.

[IAmTheOnlyLucas]

When I was there (2017-19) was when this mess was just beginning to unravel. While I was mulling over whether to take the volunteer position that brought me to Moz, I remember watching Anthony Bourdain’s (RiP) No Reservations episode there. At that time he described Mozambique as a darling of the World Bank. Not anymore, and it is in no part the fault of ordinary Mozambicans but the greedy few within and without elite hierarchies in Maputo and elsewhere. On top of that, now there’s an ongoing insurgency and small war in northeastern Cabo Delgado province that Moz is essentially continuously indebted to South Africa and Rwanda to clamp down on as the Mozambican armed forces are too incompetent and unprofessional to handle it.

[dylanhjulian]

Im from Maputo (the capital) Trials are running, no single politician on the spotlight, its very shameful at the start of the trials some of the people being prosecuted would Crack jokes at the "tent" as we put it, one of them even offering some wine to them judges as a joke from the 7.500 bottles mentioned on.

[toeg]

Very interesting and well presented. I did not know about the Tuna bonds, but now I will investigate more. The fines incurred by Credit Suisse are often called "the cost of doing business." It's an unfortunate side effect of naked capitalism. The human suffering caused by this calamity will probably go unpunished. My thanks to all the collaborators for their work in producing this video.

[miroslavhoudek]

Ah, fishermen of Mozambique, hardened men of the sea.

@7:04 except for this guy, he's like me.

[grantgerson]

Mozambique I hope your listening. Please do not let this happen again. Run your affairs with diligence.

[nerdlingeeksly]

The name itself sounds fishy, I wouldn't trust any bond named after a fish.

[DwaynedPearce]

From those who have everything more will be given and for those with nothing more will be taken. Simply principal that always hold firm.

[prettitalented]

I've never heard Africa called the forgotten continent. It's interesting to see how other nations view it, but I love this video because I would of never known this was happening there. It's terrible.