Mozambique’s Post-election Unrest Scuppered Attempts to Sell Rusting Fleet of Fishing Trawlers
The vessels are at the center of a $2 billion “tuna bond” scandal that has crippled the southern African country’s economy after protests scared away buyers. Auctioneers failed to attract any bids for the 24 fishing boats anchored in Maputo’s main port, with rust on their hulls. Potential buyers from South Africa and Namibia canceled planned vessel inspections last week amid ongoing protests that have left at least 72 people dead. David Leal, auction manager at Leilosoc Auction House, which is handling the process on behalf of the Mozambican government, said there was also interest from local “entrepreneurs”. The vessels are listed for auction with a reserve price of $270,000 to $1.4 million.
