UBS put an end to a decades-old legal dispute involving Credit Suisse in Mozambique. An out-of-court solution was found.
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the essentials in brief
- UBS resolved an old Credit Suisse scandal in Mozambique.
- The East African state and the bank found a solution before the trial began.
- These are bonds worth billions for tuna fishing.
Credit Suisse has been involved in various scandals. UBS has now liquidated one of them, which involved $1.5 billion in tuna loans in Mozambique. The CS found an out-of-court solution with Mozambique before the trials could begin.
The major bank UBS, which is the new owner of Credit Suisse, announced this on Sunday. A civil trial for damages relating to the scandal was due to start in London this Monday.
Scandal: bribes to corrupt officials
In addition to CS and the state of Mozambique, the settlement also includes most of the other lenders in the case. The parties have “released each other from all liabilities and claims in connection with these transactions,” it said. The bank did not disclose any details.
The case concerned loans and bonds brokered by CS to Mozambique a decade ago. These were recorded without the knowledge of the local parliament and the International Monetary Fund (IMF).
The money was intended to be used to set up a tuna fishing fleet. Large amounts of bribes are said to have flowed to corrupt officials. The scandal drove Mozambique into a deep financial crisis.
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2023-10-03 05:21:53
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