With less than 24 hours until the auction closes, no bids have been received for the 24 vessels of the Mozambican Tuna Company, despite expectations to raise $10.6 million. The fleet has been inactive for almost a decade and is embroiled in a significant financial scandal linked to a past $850 million loan. The auction ends on February 21, 2025, amidst these challenges.
As the auction for 24 fishing vessels owned by the Mozambican Tuna Company (Ematum) approaches its end, no bids have been received with less than 24 hours remaining. Initiated earlier in the month, the auction is set to close on February 21, 2025, with the government seeking to generate approximately $10.6 million from the sale, according to the Club of Mozambique.
Comprising 21 tuna boats and three trawlers, the Ematum fleet has been docked at the Port of Maputo for nearly a decade. Despite the fleet’s equipment being reported as in excellent condition and described as “like new”, the boats have experienced minimal operational time, with some recording merely 10 hours at sea, as reported by G Captain.
The Ematum fleet is linked to a notorious financial scandal originating from its acquisition in 2013. The government secured an $850 million loan for these vessels, a part of a broader $2 billion concealed debt scheme known as the “tuna bond” scandal. This resulted in multiple former government officials imprisoned and a settlement between Swiss bank Credit Suisse and the authorities following its involvement in the scandal.
The impending closure of the auction for the Ematum tuna fleet highlights the challenges faced in securing bids, despite the vessels’ excellent condition. The association of these vessels with significant corruption scandals also complicates their sale, demonstrating a complex intersection of financial mismanagement and the fishing industry in Mozambique. With the auction set to continue until February 21, 2025, the government’s goal of raising $10.6 million remains unfulfilled as the deadline looms.
Original Source: www.undercurrentnews.com
