{"id":23310,"date":"2022-07-21T15:42:13","date_gmt":"2022-07-21T15:42:13","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case"},"modified":"2022-07-21T15:58:48","modified_gmt":"2022-07-21T15:58:48","slug":"credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case","title":{"rendered":"Credit Suisse unit agrees to pay bondholders $22.6 mln in bribery case"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Credit Suisse Group AG\u2019s European subsidiary that pleaded guilty to conspiring to defraud investors in Mozambican bonds has agreed it owes them $22.6 million in restitution.<\/p>\n

Prosecutors asked U.S. District Judge William Kuntz late Tuesday to order the subsidiary to pay restitution to 18 investors in Mozambican bonds Credit Suisse underwrote. Much of the bond proceeds were diverted via kickbacks to Credit Suisse bankers and Mozambique officials, prosecutors have said.<\/p>\n

The subsidiary, Credit Suisse Securities Europe, agreed to the amount, according to the filing. It pleaded guilty to conspiracy last year as part of a $475 million settlement with American and British authorities.<\/p>\n

A Credit Suisse spokesperson declined to comment on Wednesday.<\/p>\n

Kuntz will consider the request at the subsidiary\u2019s sentencing hearing scheduled for Friday in Brooklyn.<\/p>\n

The charges stem from nearly $1 billion in bond offerings and a syndicated loan Credit Suisse helped to arrange between 2013 to 2016 to finance a tuna fishing industry project in Mozambique.<\/p>\n

In October, Credit Suisse entered a three-year deferred prosecution agreement with the U.S. Justice Department, in which it accepted responsibility for defrauding bondholders about where the money went.<\/p>\n

As part of the deal, Credit Suisse agreed to pay restitution to harmed investors in the 2016 bonds.<\/p>\n

Court filings listed the proposed payouts to institutional investors, including nearly $5 million to New York-based hedge fund NWI Management and $4.3 million to asset manager AllianceBernstein.<\/p>\n

The case is United States v. Credit Suisse Securities (Europe) Ltd, No. 1:21-cr-00520, U.S. District Court for the Eastern District of New York.<\/p>\n

For the government: Hiral Mehta of the U.S. Attorney\u2019s Office for the Eastern District of New York; and David Fuhr and Margaret Moeser of the Department of Justice<\/p>\n

For Credit Suisse: Matthew Herrington of Paul Hastings<\/p>\n

By<\/b><\/p>\n

Jody Godoy<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Credit Suisse Group AG\u2019s European subsidiary that pleaded guilty to conspiring to defraud investors in Mozambican bonds has agreed it owes them $22.6 million in restitution. Prosecutors asked U.S. District Judge William Kuntz late Tuesday to order the subsidiary to pay restitution to 18 investors in Mozambican bonds Credit Suisse underwrote. Much […]<\/p>\n","protected":false},"author":84,"featured_media":23309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-23310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nCredit Suisse unit agrees to pay bondholders $22.6 mln in bribery case - Mozambique<\/title>\n<meta name=\"description\" content=\"Credit Suisse Group AG\u2019s European subsidiary that pleaded guilty to conspiring to defraud investors in Mozambican bonds ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Suisse unit agrees to pay bondholders $22.6 mln in bribery case\" \/>\n<meta property=\"og:description\" content=\"Credit Suisse Group AG\u2019s European subsidiary that pleaded guilty to conspiring to defraud investors in Mozambican bonds ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-21T15:42:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-21T15:58:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/07\/postQueueImg_8-62d977a1303ba.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"728\" \/>\n\t<meta property=\"og:image:height\" content=\"454\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Credit Suisse unit agrees to pay bondholders $22.6 mln in bribery case\",\"datePublished\":\"2022-07-21T15:42:13+00:00\",\"dateModified\":\"2022-07-21T15:58:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case\"},\"wordCount\":315,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/07\/postQueueImg_8-62d977a1303ba.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-suisse-unit-agrees-to-pay-bondholders-22-6-mln-in-bribery-case\",\"name\":\"Credit Suisse unit agrees to pay bondholders $22.6 mln in bribery case - 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