Credit Suisse Sued by Mozambique

The corruption scandal in Mozambique just isn’t going away: the African nation finally has launched a lawsuit against Credit Suisse, which had provided a loan to the country.

Even after years of investigation, it isn’t fully clear if and how Credit Suisse did anything wrong in connection with the loans deal that rocked Mozambique. The country has nevertheless decided to file a suit against the bank in London, several news agencies reported.

The legal action is the first public lawsuit launched in connection with the scandal, and Credit Suisse is one of the accused parties. Switzerland’s second-largest bank in the years 2012 and 2013 organized financing worth more than $2 billion for the African nation. Some of the money disappeared and it was alleged that high-ranking officials had pocketed vast amounts.

U.S. Action

Credit Suisse did not comment on the lawsuit. In January, the U.S. Department of Justice charged three former Credit Suisse bankers, an ex-finance minister of Mozambique and a manager at Privinvest Group (a producer of warships based in Abu Dhabi).

The London action was filed at the Commercial Court by the attorney general of Mozambique. It also includes Privinvest, Abu Dhabi Mar (which is linked to Privinvest), and the three bankers.

Source: Finews

Leave a Reply

%d bloggers like this:
A DAILY ROUNDUP OF THE MOST FASCINATING WALL ST, COMPLIANCE AND REGULATORY NEWS.