CREDIT SUISSE RESOLVES FRAUDULENT MOZAMBIQUE LOAN CASE IN $547 MILLION COORDINATED GLOBAL RESOLUTION

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”.   

https://www.justice.gov/opa/pr/credit-suisse-resolves-fraudulent-mozambique-loan-case-547-million-coordinated-global

https://www.ibtimes.com/credit-suisse-pay-475-mn-settle-us-uk-charges-mozambique-bond-offer-3319888

https://www.bbc.com/news/business-58974089

https://mondovisione.com/media-and-resources/news/credit-suisse-fined-147190276-us200664504-and-undertakes-to-the-uk-finan/

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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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