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.
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