30 Ocak 2024 WHAT ‘MATTERS’ IN A STAY OF PROCEEDINGS UNDER SECTION 9 OF THE ENGLISH ARBITRATION ACT 1996? – REPUBLIC OF MOZAMBIQUE V PRIVINVEST SHIPBUILDING SAL (HOLDING) [2023] UKSC 32
The case concerns the development of Mozambique’s exclusive economic zone, in particular to opportunities offered by its coastline and territorial waters for tuna fishing and gas exploitation.
Through three special purpose vehicles (the ‘SPVs’), Mozambique entered into three contracts with Privinvest Shipbuilding SAL and related companies for the supply of various vessels and associated shipping infrastructure. The dispute arose after Mozambique alleged that the Privinvest companies and others were paying bribes to Mozambique’s officials and employees of Credit Suisse involved in the funding of the transactions, exposing it to a potential liability of approximately US$2billion under the Guarantees and further macro-economic losses (Mozambique v Privinvest at [4]). The dispute also became knowns as the ‘tuna bonds’ or ‘hidden debts’ scandal.
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