{"id":7830,"date":"2021-10-25T18:22:44","date_gmt":"2021-10-25T18:22:44","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=7830"},"modified":"2021-10-25T15:52:53","modified_gmt":"2021-10-25T15:52:53","slug":"mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal","title":{"rendered":"Mozambique lauds Credit Suisse guilty plea in debt scandal"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique welcomed Thursday an admission of misconduct by Credit Suisse, which agreed to pay a fine in a debt scandal that saw millions of dollars siphoned off and triggered the country\u2019s worst financial crisis.<\/p>\n

The Zurich-based bank on Tuesday agreed to pay a $475-million fine for \u201cfraudulently misleading investors\u201d and violating anti-corruption law in the bond offerings made to Mozambique.<\/p>\n

\u201cThe Republic of Mozambique welcomes the admission by Credit Suisse to regulators\u2026 of criminal wrongdoing,\u201d the attorney general said.<\/p>\n

\u201cThis is an important step towards obtaining full redress for the people of Mozambique,\u201d the government said in a statement issued through lawyers Peters & Peters.<\/p>\n

Mozambique\u2019s \u201chidden debt\u201d scandal stemmed from loans totalling $2 billion in 2013 and 2014 to three public companies to finance a tuna fishing project, debt the government hid from parliament.<\/p>\n

When details finally surfaced in 2016, donors such as the International Monetary Fund cut off financial aid.<\/p>\n

The southern African nation was plunged into its worst financial crisis since independence in 1975. It defaulted on debt payments and the currency collapsed.<\/p>\n

The US Securities and Exchange Commission (SEC) said Tuesday that transactions \u201cthat raised over $1 billion were used to perpetrate a hidden debt scheme\u201d and \u201cpay kickbacks\u201d to now-indicted ex-Credit Suisse investment bankers \u2014 their intermediaries \u2014 and to \u201cbribe corrupt Mozambique government officials\u201d.<\/p>\n

The bankers \u201cfalsely represented\u201d to investors that proceeds from the loans would go exclusively to develop Mozambique\u2019s tuna fishing industry and generate revenues to pay debt payments, the SEC said.<\/p>\n

In all the bank is paying $547 million in penalties, fines, and disgorgement as part of coordinated resolutions with US and British criminal and civil authorities.<\/p>\n

The eldest son of ex-president Armando Guebuza is among 19 high-profile defendants facing trial in the capital Maputo over the matter.<\/p>\n

The government said it was committed \u2014 through the criminal prosecutions in Maputo and a civil case to be heard in the UK next year \u2014 \u201cto bringing those responsible to justice\u201d.<\/p>\n

Meanwhile Mozambique\u2019s Budget Monitoring Forum (FMO), a local grouping of civil society organisations focusing on public finance management, is calling for the cancellation of the entire debt.<\/p>\n

\u201cCredit Suisse\u2019s acknowledgement of its responsibility\u2026 reinforces the fairness and legitimacy of the FMO\u2019s demand for full cancellation of illegal debts,\u201d it said in a statement.<\/p>\n

In May last year, Mozambique\u2019s constitutional court declared null and void loans worth $1.4 billion out of the $2-billion debt.<\/p>\n

State-owned security companies borrowed the money from London branches of Swiss banking giant Credit Suisse and Russia\u2019s VTB.<\/p>\n

The Swiss Financial Market Supervisory Authority has \u201cimposed measures on the bank\u201d, reprimanded two individuals and launched proceedings against three others over the \u201cserious organisational shortcomings\u201d.<\/p>\n

Credit Suisse declined to comment.<\/p>\n

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

Africa-Press – Mozambique. Mozambique welcomed Thursday an admission of misconduct by Credit Suisse, which agreed to pay a fine in a debt scandal that saw millions of dollars siphoned off and triggered the country\u2019s worst financial crisis. The Zurich-based bank on Tuesday agreed to pay a $475-million fine for \u201cfraudulently misleading investors\u201d and violating anti-corruption […]<\/p>\n","protected":false},"author":84,"featured_media":7829,"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-7830","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":"\nMozambique lauds Credit Suisse guilty plea in debt scandal - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique welcomed Thursday an admission of misconduct by Credit Suisse, which agreed to pay a fine in a debt scandal t ...\" \/>\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\/mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mozambique lauds Credit Suisse guilty plea in debt scandal\" \/>\n<meta property=\"og:description\" content=\"Mozambique welcomed Thursday an admission of misconduct by Credit Suisse, which agreed to pay a fine in a debt scandal t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal\" \/>\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=\"2021-10-25T18:22:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/10\/img-6176d2bf4485c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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\/mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mozambique lauds Credit Suisse guilty plea in debt scandal\",\"datePublished\":\"2021-10-25T18:22:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal\"},\"wordCount\":467,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/10\/img-6176d2bf4485c.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\/mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-lauds-credit-suisse-guilty-plea-in-debt-scandal\",\"name\":\"Mozambique lauds Credit Suisse guilty plea in debt scandal - 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