The three-month trial of The Republic of Mozambique v Credit Suisse and Others completed last month in the Commercial Court. Timothy Howe KC, Rupert Allen, Daniel Edmonds, Nick Daly and Orestis Sherman (instructed by Weil Gotshal & Manges LLP) represented VTB Capital Plc (in administration with Teneo as administrators).

The trial was heard over 12 weeks before Knowles J, and raised numerous complex and novel issues arising inter alia in relation to the State Immunity Act 1978, and the authority of the Republic of Mozambique to enter into sovereign guarantees in respect of loans exceeding $2 billion in a context that included criminal findings of bribery and corruption (in both New York and Mozambique). Judgment is anticipated later this year.