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Credit Suisse to pay US$475m over corrupt Mozambique deals, plus restitution

Compliance Monitor

Credit Suisse to pay US$475m over corrupt Mozambique deals, plus restitution

The global investment bank has agreed a penalty totalling US$475 million with United States and United Kingdom regulators; moreover, it will forgive US$200m of debt owed by Mozambique – because it defrauded investors in the financing of coastal surveillance and tuna fishing projects in the country. Credit Suisse’s London-based operations committed egregious due diligence and oversight failings between October 2012 and March 2016 in relation to loans for Mozambique worth more than $1.3 billion as well as a bond exchange when repayments ran into trouble.

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