US entrepreneur Erik Prince has announced the establishment of a partnership with the Mozambican government to recover tuna company Empresa Mocambicana de Atum, (Ematum), according to Macau Hub.
“We are here to finalize the details of the partnership with the Mozambican government to increase the fishing capacity of the country, and our first focus is Ematum, and we will contribute with training and changes in the logistics structure of the company so that Mozambique is connected to the international fish market,” said Prince.
The businessman, who was the founder of Blackwater Security, a security services company operating in Iraq, said that his company will also focus on improving the protection of Mozambican marine resources against illegal fishing activities.
Ematum was established in 2013 to explore tuna in the country’s territorial waters.
It borrowed $850 million through a state-backed loan, with part of the money being spent on the acquisition of a French fishing vessel shipyard and maritime surveillance as well as the purchase of military equipment.
However, Mozambique has found itself unable to repay debts associated with the company, and has had to refinance loans around the firm more than once.