The 24 vessels at the heart of Mozambique's $2 billion fraud scheme, known as the "tuna bonds" scandal, are set to be auctioned off, reports Bloomberg. 

The fleet, which was purchased in 2013 and has been rusting away in Maputo's port, has been left largely unused, with some boats operating for as little as 10 hours.

According to the auctioneer's website, if the vessels are sold at their base price, the proceeds would total $10.6 million. The sale is slated to end on Dec. 4, but no bids have been placed as of now.

In 2013, Mozambique's state-owned company, Ematum, took out a $785m loan to finance the fleet, with assistance from Credit Suisse bankers. However, the deal was marred by bribery, kickbacks, and hidden debts, ultimately leading to the country's financial collapse. US prosecutors allege that at least $200m of the loan was siphoned off for bribes and illicit payments.

The fallout from the scandal has been far-reaching. Most of the debt was initially hidden from the International Monetary Fund, and when the truth came to light in 2016, Mozambique's access to international loans was cut off, plunging the nation into crisis.

The country defaulted on its tuna bonds, and a restructuring deal was only reached in 2019. The debt was restructured into a $900m euro bond due in 2031. The scandal has had a devastating impact on Mozambique's economy, causing growth to plummet, inflation to soar, and the national currency to spiral downward.

While unlikely to erase the country's debt, the auction of the tuna fleet could provide a much-needed financial boost to the government, which has struggled to stabilize the economy. The boats are described by the auctioneer as "like new," with all equipment in excellent condition despite some rust on the hulls. However, the looming question remains whether the fleet will attract enough buyers to generate significant revenue.

The scandal has had far-reaching consequences, including Credit Suisse paying $475m in fines and Mozambique winning a related $3.1bn lawsuit in London. Prosecutors called the conviction a victory for justice in one of the world's poorest nations.

The son of Mozambique's former president, who was implicated in the scandal, has been imprisoned for his role in the affair, and former finance minister Manuel Chang is awaiting sentencing in a New York, US court.