On 20th July, Swissinfo reported that Andrew Pearse, 49, a former Credit Suisse Group AG banker admitted taking millions of dollars in kickbacks as part of a scam that involved as much as $2 billion in loans to Mozambique state-owned companies, the second former Credit Suisse banker to plead guilty in the fraud and money-laundering scam.  He pleaded guilty to wire fraud in federal court in New York.  Pearse, who could face up to 20 years in prison, agreed to forfeit $2.5 million as well as other unspecified properties. He was freed on a $2.5 million bond and allowed to return to the UK.  The case involves the Privinvest Group, an Abu Dhabi-based holding company whose units include a shipbuilder. Privinvest was hired to provide equipment and services to complete the maritime projects in Mozambique.



This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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