On 19 October, a US DoJ news release advised that the Swiss-based bank and its UK subsidiary have admitted to defrauding US and international investors in the financing of an $850 million loan for a tuna fishing project in Mozambique, and have been assessed more than $547 million in penalties, fines, and disgorgement as part of coordinated resolutions with criminal and civil authorities in the US and the UK. Credit Suisse will pay approximately $475 million to authorities in the US and the UK, as well as restitution to victims in an amount to be determined by the court. Separately, re a parallel civil cases the SEC said that transactions “that raised over $1 billion were used to perpetrate a hidden debt scheme, pay kickbacks to now-indicted former Credit Suisse investment bankers along with their intermediaries, and bribe corrupt Mozambique government officials”.
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