{"id":7623,"date":"2021-10-20T18:38:19","date_gmt":"2021-10-20T18:38:19","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=7623"},"modified":"2021-10-20T15:53:31","modified_gmt":"2021-10-20T15:53:31","slug":"u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges","title":{"rendered":"U.S. says Credit Suisse to pay $475 mln to resolve Mozambican scandal charges"},"content":{"rendered":"

Africa-Press<\/a> – Mozambique<\/a>. <\/strong><\/span>Credit Suisse Group AG has agreed to pay about $475 million to American and British authorities to resolve bribery and fraud charges related to Mozambican bond offerings while a subsidiary pleaded guilty to a conspiracy charge in New York, another blow for the scandal-plagued Swiss bank.<\/p>\n

The bribery and fraud charges brought by the U.S. Securities and Exchange Commission (SEC), the U.S. Justice Department and Britain\u2019s Financial Conduct Authority centered on the Zurich-based bank\u2019s role in a $2 billion scandal involving Mozambican government-guaranteed loans.<\/p>\n

The SEC said Credit Suisse fraudulently misled investors and violated U.S. bribery laws in a scheme involving two bond offerings and a syndicated loan that raised funds on behalf of state-owned entities in Mozambique.<\/p>\n

The bank has entered a deferred prosecution agreement with the U.S. Justice Department, while subsidiary Credit Suisse Securities (Europe) Limited, or CSSEL, pleaded guilty in U.S. federal court in New York to one criminal count of conspiracy to commit wire fraud.<\/p>\n

As part of the settlement, Credit Suisse agreed to pay a fine of approximately $200 million to the British authorities and to forgive $200 million of debt owed by Mozambique. As a result, the bank said it expects to take $230 million in charges in the third quarter 2021.<\/p>\n

\u201cCredit Suisse is satisfied with the completion of the proceedings by US, UK and Swiss regulatory authorities into the bank\u2019s arrangement of loan financing for Mozambique state enterprises,\u201d the bank said in a statement.<\/p>\n

A London-based subsidiary of Russian bank VTB also agreed to pay more than $6 million to settle SEC charges related to the Mozambique loans. \u201cVTB takes today\u2019s settlement seriously and fully cooperated with the SEC investigation,\u201d the bank said.<\/p>\n

Credit Suisse has been embroiled in a string of scandals including heavy losses from the collapse of U.S. family office Archegos, client-losses stemming from the collapse of supply chain finance Greensill, and allegations of corporate espionage.<\/p>\n

Chairman Antonio Horta-Osorio, who joined the bank in April from Britain\u2019s Lloyds, has said the scandals facing the bank are the gravest he has seen in his career.<\/p>\n

The U.S. settlement was announced just minutes before Switzerland\u2019s financial regulator took action against the bank for snooping on its former top wealth management executive Iqbal Khan and others.<\/p>\n

The Swiss Financial Market Supervisory Authority, FINMA, said the bank was found to have had \u201cserious organizational shortcomings\u201d surrounding the espionage that ultimately triggered the departure of Chief Executive Tidjane Thiam.<\/p>\n

FINMA said in a statement that it has imposed measures on the bank, reprimanded two individuals and opened enforcement proceedings against three additional individuals, without naming them.<\/p>\n

Credit Suisse said in its statement that with Tuesday\u2019s actions it \u201ccan now draw a line under\u201d the Mozambican matter. Regarding cause of the FINMA action, Credit Suisse added, \u201cThe bank condemns any unjustified observations and has already taken decisive steps to strengthen its relevant governance and processes.\u201d<\/p>\n

The SEC\u2019s Tuesday resolution is the latest development in the multi-year Mozambique saga for Credit Suisse, with private litigation still ongoing. The African nation is suing Credit Suisse and shipbuilder Privinvest in London\u2019s High Court over a hefty chunk of the $2 billion in loans which went missing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Credit Suisse Group AG has agreed to pay about $475 million to American and British authorities to resolve bribery and fraud charges related to Mozambican bond offerings while a subsidiary pleaded guilty to a conspiracy charge in New York, another blow for the scandal-plagued Swiss bank. The bribery and fraud charges brought […]<\/p>\n","protected":false},"author":84,"featured_media":7622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8,16],"tags":[233,281,283],"class_list":["post-7623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nU.S. says Credit Suisse to pay $475 mln to resolve Mozambican scandal charges - Mozambique<\/title>\n<meta name=\"description\" content=\"Credit Suisse Group AG has agreed to pay about $475 million to American and British authorities to resolve bribery and f ...\" \/>\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\/u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. says Credit Suisse to pay $475 mln to resolve Mozambican scandal charges\" \/>\n<meta property=\"og:description\" content=\"Credit Suisse Group AG has agreed to pay about $475 million to American and British authorities to resolve bribery and f ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges\" \/>\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=\"2021-10-20T18:38:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/10\/img-61703b6352035.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"756\" \/>\n\t<meta property=\"og:image:height\" content=\"426\" \/>\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=\"3 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\/u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"U.S. says Credit Suisse to pay $475 mln to resolve Mozambican scandal charges\",\"datePublished\":\"2021-10-20T18:38:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges\"},\"wordCount\":552,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/10\/img-61703b6352035.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"community\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/u-s-says-credit-suisse-to-pay-475-mln-to-resolve-mozambican-scandal-charges\",\"name\":\"U.S. says Credit Suisse to pay $475 mln to resolve Mozambican scandal charges - 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