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Mozambique urges Credit Suisse to fully cancel scam-linked debt -Breaking

© Reuters. FILEPHOTO: This is the logo of Swiss bank Credit Suisse, seen at its Zurich headquarters on March 24, 2021. REUTERS/Arnd Wiegmann

JOHANNESBURG, (Reuters) –Mozambique called on Thursday Credit Suisse (SIX) To cancel all debts estimated to be $2 billion in relation to the scandal surrounding the bank. This is ten times greater than what it offered to write down.

This Swiss lender was able to help arrange bonds worth nearly $1 billion and a syndicated loans between 2013 and 2016, purportedly to pay for tuna fishing projects.

Credit Suisse received a $475 million fine from the U.S. authorities and British authorities on Tuesday to settle fraud and bribery charges related to the deal.

Credit Suisse acknowledges its responsibility and fails to follow the law…and involvement of employees into bribery strengthens the legitimacy of FMO’s demand that all illegal debts be cancelled,” said the Budget Monitoring Forum (FMO), which is a Mozambique Finance Ministry unit.

The Mozambique Supreme Court had declared that the debt was null and unenforceable.

Although the bank had previously offered to forgive $200 million, it declined to comment.

An analysis by the Chr. The Chr.

In 2018, three former Credit Suisse bankers were indicted along with two middlemen, and three Mozambican officials for laundering money and defrauding U.S. investor who invested in loans. Many of the funds, according to U.S.prosecutors, were taken by kickbacks.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.