How VTB Capital ruined a country

May 11, 2019

We are able to charge for the increased risk. VTB Capital is an emerging market bank and we are prepared to do business other banks won’t do. That increases our pricing power“. This is how Alexey Yakovitsky, Global CEO at VTB Capital, explains the dubious loans and the associated high fees that left Mozambique’s economy on the verge of complete collapse. Yakovitsky is one of the driving forces behind VTB Capital’s decision to shift focus to Africa (notably Mozambique and Uganda) and Asia (India in particular).

Mozambique’s default

Mozambique, which used to be one of Africa’s fastest growing economies, has been pushed into default. In 2013 and 2014, three state-owned Mozambican firms with no revenue miraculously managed to attract $2 billion from two international banks: Russian bank VTB Group and Swiss bank Credit Suisse Group AG. The loans, which were given in secret, were then guaranteed by the Mozambique government.

VTB Capital and Credit Suisse charged very high fees. The banks took 10 percent of the loans, earning a total of $199.7 million in “contractor fees” and “arrangement fees”.

The revelation of the 2013 secret loans (equivalent to about half the national budget) shocked the country, the IMF and donors. Mozambique defaulted on the loans in 2017.

VTB dealt with Mozambique’s intelligence agency

The Mozambican companies are ProIndicus S.A., Empresa Moçambicana de Atum S.A. (EMATUM) and Mozambique Asset Management S.A. (MAM). They are all owned by the Mozambique government and run by SISE, the State Security Information Services.

The official purpose of the loans was to purchase naval equipment and a tuna fishing fleet. Mozambique’s intelligence agency presented the project as “a matter of national security” and, as a result, the government issued a state guarantee. SISE claimed “national security” as justification for the secrecy of the loan agreements too.

The loans were signed off in London by Antonio Carlos do Rosario. Do Rosario was both the President of the Administration Board of the companies and the head of SISE’s economic unit. A SISE bank account was used to make interest payments to the banks.

Other senior members of ProIndicus, EMATUM and MAM were either employed by or connected to the national intelligence agency.

VTB’s partner in Abu Dhabi

Mozabique’s security service contracted Privinvest, an Abu Dhabi-based offshore group, as primary supplier of goods and services for the three companies.

An independent audit by the corporate investigations company Kroll ( concluded that Privinvest played a major role in the VTB-Mozambique deal. The Abu Dhabi group introduced VTB Capital as a lender, arranged the loan agreements, contracted with the companies and the government to restructure the loan agreements. Moreover, the money never reached Mozambique because the banks sent it straight to the contractor’s account in the United Arab Emirates.

Goods and services, mainly boats, were overpriced and the items never became fully operational. Negligible operating revenue has been generated.

For example, Mozambique Asset Management (MAM) signed a $535 million loan agreement with VTB Capital in May 2014. The loan agreement was arranged by a Privinvest Group company and guaranteed for the full amount by the government of Mozambique. MAM agreed arrangement fees of $35 million with VTB Capital. The total loan proceeds remaining after the deduction of arrangement fees was USD 500 million. This amount was paid to the Privinvest’s account in the United Arab Emirates.

According to Kroll, the MAM business plan stated that the company expected to generate $63.7 million in operating revenues at the end of 2015. By June 2017, when Kroll concluded its report, MAM had generated $25,000.

Mozambicans pay the price

The $2 billion loan arrangement has been a disaster. The government’s default on the state-backed loans hit Mozambicans hard. People have been paying the price for the dubious loans. The government reduced oil and bread subsidies. The Mozambique currency fell by over 40% and inflation soared.

According to Kroll’s report, state companies failed to account for at least a quarter of the $2billion in contentious loans: “At least USD 500 million of expenditure of a potentially sensitive nature remains unexplained.”

Despite evidence of massive corruption, Mozambique’s authorities are extremely reluctant to expose those responsible for the debt scandal. For their part, VTB Capital maintains they have done nothing wrong in Mozambique and are currently focusing on their partnership with Ruia family in India. However, regulators in the US, UK and Switzerland are investigating VTB Capital and Credit Suisse for their roles in the secret loans that ruined Mozambique. (

Booking An Earlier Driving Test

May 10, 2019

You may want to delay your test should you feel you aren’t ready or for different reasons. Then it’s possible to log in only so as to change your test. The test is designed to look at a candidate’s capacity to detect developing situations that need a motorist to take some action, like changing speed or direction. You won’t need to pay again for your rescheduled test.

The driving test can be exceedingly stressful. If you’re going to select the test, then ensure you check out our infographic looking at how likely you should pass. If your test is in the early hours, call the test centre as soon as possible. The absolute most important issue to consider is that should you need to modify your driving test, you have to do so at least 3 working days before your appointment to prevent losing your booking fee and having to pay again.

The One Thing to Do for Driving Test Cancellation
Our system searches the DSA website more than a thousand times each day. You won’t determine the consequence of your test until the end. There’s also no indication a refund is going to be made if you’re unsuccessful in obtaining that earlier booking.

Key Pieces of Driving Test Cancellation
Among the most prevalent myths about the driving test is that should you drive slowly, you pass. Specifically whenever you are starting on driving then the attitude must be a non-confrontational one. You ought to have the ability to deal with your emotions. Act fast, driving test cancellations have a tendency to get snatched up promptly.

What Driving Test Cancellation Is – and What It Is Not
Important suggestion from Earlier Driving Test – Based on the location of your nearest driving test centre, you might need to wait a substantial time period for the upcoming available appointment. It is possible to also specify the time and date frame that you’re searching for a cancellation. Make certain you invest plenty of time for it so you make the correct choice. The most suitable time is more challenging to pin down, and that means you will need to log in and check regularly. If you attempt to log in too many times in a brief period they’ll make you address a captcha. You just must be in the proper place at the correct moment! The most suitable place is logged in the DVSA’s booking system.

You’re able to get Driver permit online along with various other amazing resources that may aid you to pass the exact very first time. A comprehensive search can start with the provider’s website. The test site is going to be on the right.

In the event the cancellation is supposed to weather then you won’t get compensation but the DVSA will offer you a completely free test on another date. Keep in mind, you will receive a complete refund when you cancel your driving test so long as you give no less than 3 clear working days’ notice. You are going to receive a complete refund if you give a minimum of three clear working days’ notice.

driving test cancellation checker

Situated between the middle of Middleton and Moston, Chadderton test centre are available just off Broadway, near the M60. The path to driving no longer must belong. A rental vehicle is readily available for the road test at a superb pace. Drivers permit practice tests are one method to prepare. If you’re asking for a normal license, you might take the street test at any SCDMV branch.

It’s possible to take as many hours each week depending upon your requirements and learning how to drive needs. At the present time, it is a minimum of 10 weeks, and from what I can gather it’s almost double that in some places around the nation. Almost half of those who take the street test fail it the very first time. There are dozens and dozens of people who are continuously hoping to modify their driving test on every test centre.

Please following our CouponAsion online website, you’ll discover an increasing amount of excellent offers. In any case, there ought to be a contact phone number along with the identity of the firm’s registered agent, who’s the person or business authorized to get legal papers such as lawsuits and summonses. There’s always someone friendly here in order to answer your call. To receive one, you are able to apply over the telephone or send your application in the post. Cancellations services are offered in various shapes and forms.

Mike Smiff Feat. City Girls – 4 1 Nite

May 9, 2019

City Girls 4 1 Nite available at Follow Mike Smiff: IG: Twitter: Facebook: Booking: 954-789-7523 Posted by Gio

Jimmy Butler Speaks On His Rage In Practice, Calling Towns & Andrew Wiggins Soft!

May 8, 2019

The veteran shooting guard made a surprise appearance at practice today. Apparently, he used the time to let his feelings fly, sparing nothing in his quest to light a fire under the squad. Sources say he asked to play with the 3rd stringers and beat the starters. Per Chris Haynes of Yahoo Sports and Adrian Wojnarowski of ESPN, Butler yelled things like “they ain’t s–t” and “they soft” towards Wiggins and KAT, even going as far as to yell at team executives.