Credit Suisse and US approach deal about Mozambique bond scandal

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The multiyear, international legal saga has arisen from 2013-2014 deals that were supposed to fund a new coastal patrol force and tuna fishing fleet in Mozambique

Picture: REUTERS / AMD WIEGMANN

Any deal with US prosecutors would be the latest action in a multiyear, international legal saga arising out of the 2013-2014 deals that were supposed to fund a new coastal patrol force and tuna fishing fleet in Mozambique, one of the world’s poorest countries. In a 2018 indictment, the US justice department alleged the contracts were a front for government officials and bankers to enrich themselves. Three former Credit Suisse bankers have pleaded guilty to US charges stemming from the scheme.

In 2020, the bank had been forced to drastically increase provisions — driving it to a fourth quarter loss — for legacy legal cases in the US, most notably one involving financial crisis era mortgage-backed securities. Mozambique has filed suit against Credit Suisse and shipbuilder Privinvest, one of several cases in UK courts that involve the bond deal. The English high court is scheduled to begin a trial in the matter in October 2023, according to the bank’s most recent quarterly filings.

 

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