Credit Suisse pays fines of almost half a billion for corruption Mozambique

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Credit Suisse pays fines of almost half a billion for corruption Mozambique

The credit was formally earmarked to grow the East African country’s tuna fishery, but according to US and UK regulators, some was used to bribe Mozambican officials and Credit Suisse bankers. The scandal plunged the country into an economic crisis.

The Swiss bank helped state-owned companies in Mozambique raise more than $1 billion in credit around 2013, write the US financial regulator SEC and its British counterpart FCA. Investors were told that the money would be invested in the coastguard and fishing boats. But much of the money was later untraceable.

The SEC says at least $200 million in bribes and other questionable payments to Credit Suisse employees and officials in Mozambique. According to the regulator, the bank has misled investors and must therefore pay a fine. The FCA blames Credit Suisse for ignoring clear signs of corruption.

Loans

In total, loans totaling USD 2 billion to Mozambican state-owned companies are in a bad light. In addition to the corruption for which much of the money was used, those involved also hid the loans from the International Monetary Fund (IMF). As a result, the fund did not have a good overview of the country’s total debt burden.

After it came to light, the IMF froze its financial aid to the country in 2016. A group of donor countries also stopped transferring development money, leaving Mozambique unable to meet its financial obligations in 2017. The national currency, the Mozambican Metical, subsequently plummeted, leaving Mozambicans facing massive inflation.

Two years ago, three former Credit Suisse investment bankers pleaded guilty to violating US anti-corruption laws. Mozambique also has a lawsuit pending in London against the bank.

Credit Suisse pays fines of almost half a billion for corruption Mozambique | Financial
Source link Credit Suisse pays fines of almost half a billion for corruption Mozambique | Financial

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