Credit Suisse to pay at least $400m in Moz scandalZURICH – A unit of Credit Suisse Group is pleading guilty for its role in a fundraising scandal that looted money from Mozambique and tipped the country into economic crisis.The Zurich-based bank has agreed to enter into a deferred-prosecution agreement and have a subsidiary, Credit Suisse Securities Europe, plead guilty for conspiracy to commit wire fraud, an attorney for the bank said on Tuesday at hearing in Brooklyn.The agreement is the latest action in a multi-year, international legal saga that came out of $2 billion of debt deals from 2013 to 2014 to state-owned companies that were supposed to fund a new coastal patrol force and tuna fishing fleet in Mozambique, one of the world’s poorest countries.Credit Suisse will pay at least $400 million to settle with authorities, according to people familiar with the matter. A spokesperson for the bank declined to comment.In a 2018 indictment, […]
Credit Suisse to pay at least $400m in Moz scandal
