The bank deceived investors by hiding information about the use of the proceeds of three debt offerings from 2013 to 2016, prosecutors sayA Credit Suisse Group bank branch in Zurich, Switzerland. Picture: BLOOMBERG/STEFAN WERMUTH
Credit Suisse Securities Europe, a unit of the bank, pleaded guilty to a single charge of conspiracy to commit wire fraud at a hearing in Brooklyn federal court Tuesday. The parent company also entered into a three-year deferred-prosecution agreement with the US justice department. The agreement with authorities from the US to Switzerland helps Credit Suisse move forward after a series of recent scandals. The lender was forced to freeze $10bn in supply-chain finance funds earlier in 2021 related to defunct finance company Greensill Capital, and it took a $5.5bn hit from the collapse of prime brokerage client Archegos Capital Management.
Credit Suisse had provisioned Sf1.7bn for litigation matters as of year-end 2020 and estimated a maximum of Sf900m in litigation losses not covered by the provisions. In Mozambique, the scandal has ensnared more than a dozen people, including the son of the nation’s former president and the former head of intelligence. Former finance minister Manuel Chang, who signed the government guarantees for the debts, has been held in custody in SA since 2018.
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Credit Suisse and US approach deal about Mozambique bond scandalThe 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
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Source: BDliveSA - 🏆 12. / 63 Read more »
Credit Suisse to pay nearly $475m for role in Mozambique lootingThe bank deceived investors by hiding information about the use of the proceeds of three debt offerings from 2013 to 2016, prosecutors said Tuesday.
Source: BDliveSA - 🏆 12. / 63 Read more »
Credit Suisse and US approach deal about Mozambique bond scandalThe 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
Source: BDliveSA - 🏆 12. / 63 Read more »
Credit Suisse and US approach deal about Mozambique bond scandalThe 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
Source: BDliveSA - 🏆 12. / 63 Read more »