FCA bans two ex-Credit Suisse directors in corrupt Mozambique loans case

The regulator has banned two former Credit Suisse managing directors after reviewing their guilty pleas and subsequent incriminating evidence in the United States but without waiting to hear - as originally planned - the comments of the judge upon sentencing.

By Neasa MacErlean

The two men, as previously reported by Compliance Monitor, were arrested in London in January 2019 by US officials, in connection with the arrangement of loans by the bank for the Republic of Mozambique, worth US$1.3 billion, which were tainted by corruption. In the subsequent trial, before the District Court for the Eastern District of New York, Andrew Pearse pleaded guilty of conspiracy to commit wire fraud as well as to launder money. He also admitted, according to the Financial Conduct Authority's final notice, to receiving personal payments amounting to at least $45 million. The notice includes some of his court statements, such as that he "took these actions to enrich myself and my co-conspirators".