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The Tuna Bond Scandal : the continued lack of transparency in bank-to-state credit facilities agreements
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Connelly, Stephen (2021) The Tuna Bond Scandal : the continued lack of transparency in bank-to-state credit facilities agreements. Journal of International Economic Law, 24 (3). pp. 649-671. jgab029. doi:10.1093/jiel/jgab029 ISSN 1369-3034.
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WRAP-Tuna-Bond-Scandal-continued-lack-transparency-bank-to-state-credit-facilities-agreements-2021.pdf - Accepted Version Embargoed item. Restricted access to Repository staff only - Requires a PDF viewer. Download (799Kb) |
Official URL: https://doi.org/10.1093/jiel/jgab029
Abstract
The United Nations Conference on Trade and Development Principles on Promoting Responsible Sovereign Lending and Borrowing provide inter alia that creditors should ensure debt contracts are duly authorized; yet, the Mozambique Tuna Bond Scandal suggests that in the market for private bank-to-state credit facilities agreements, there is still work to do. This article presents empirical evidence suggesting growth in the amount of private bank-to-state loans and argues that this growth, combined with a lack of transparency, will lead to increasing numbers of legal disputes over want and abuse of official authority. The English law doctrines of ultra vires contracting in private international law and abuse of agent authority, usually applied in the context of corruption, are considered, and various reforms are proposed, including a transparency register and a legislative reversal of presumption of agent authority.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HJ Public Finance K Law [Moys] > KC International Law |
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Divisions: | Faculty of Social Sciences > School of Law | ||||||||
Library of Congress Subject Headings (LCSH): | Debts, Public -- Mozambique, Loans, Foreign -- Mozambique, Ultra vires -- Mozambique, Banks and banking, Bank loans -- Mozambique, Corruption -- Economic aspects, Debts, Public -- Law and legislation, Debt relief -- Mozambique | ||||||||
Journal or Publication Title: | Journal of International Economic Law | ||||||||
Publisher: | Oxford University Press | ||||||||
ISSN: | 1369-3034 | ||||||||
Official Date: | September 2021 | ||||||||
Dates: |
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Volume: | 24 | ||||||||
Number: | 3 | ||||||||
Page Range: | pp. 649-671 | ||||||||
Article Number: | jgab029 | ||||||||
DOI: | 10.1093/jiel/jgab029 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Re-use Statement: | This is a pre-copyedited, author-produced version of an article accepted for publication in Journal of International Economic Law following peer review. The version of record Stephen Connelly, The Tuna Bond Scandal: The Continued Lack of Transparency in Bank-to-State Credit Facilities Agreements, Journal of International Economic Law, 2021;, jgab029, https://doi.org/10.1093/jiel/jgab029 is available online at: https://doi.org/10.1093/jiel/jgab029 | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Date of first compliant deposit: | 16 September 2021 | ||||||||
Date of first compliant Open Access: | 10 March 2022 | ||||||||
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