On 3rd July 2023, in The Republic of Mozambique v Credit Suisse International and Others [2023] EWHC 1650 (Comm), Knowles J. dismissed applications brought by Credit Suisse, VTB, Privinvest and others seeking to strike out the claims and defences of the Republic of Mozambique in advance of the 12-week “tuna bonds” trial, due to commence in October 2023.
The Court was “not persuaded” that the litigation should be struck out as a matter of principle, as a sanction for non-compliance with the Court orders and did not consider that could be said that there is “a substantial risk of an unfair trial, or that it can be concluded at this point that a fair trial is in jeopardy”, at [72].
The trial concerns, at heart, allegations made by the Republic that a large-scale fraud has been perpetrated against it concerning the supply of various vessels and maritime systems, funded by loans of around $2bn and backed by sovereign guarantees. The Republic alleges that significant bribes were paid in connection with the Republic’s entry into certain sovereign guarantees as part of conspiratorial scheme of which it was the victim.
The trial is named as one of The Lawyer’s Top 20 Cases for 2023.
Jeremy Brier KC of Essex Court Chambers appeared for the Republic of Mozambique, with Jonathan Adkin KC of Serle Court Chambers, Richard Blakeley of Brick Court Chambers and Ryan Ferro of 3VB, instructed by Keith Oliver, Sarah Gabriel, Emma Ruane and Jason Woodland at Peters & Peters.
