The Swiss bank’s new owner UBS confirmed the settlement in a statement today.
ZURICH: Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the decade-old US$1.5 billion plus “tuna bond” scandal, the Swiss bank’s new owner UBS said today, drawing a line under a damaging dispute it inherited.
Under the deal, struck one day before a three-month London civil trial was due to start, UBS will forgive part of a loan that Credit Suisse made to Mozambique in 2013, representing less than US$100 million, said one source familiar with the situation, who declined to be named because the terms are not public.
But hundreds of millions of dollars went missing and, when the government debt came to light in 2016, donors such as the International Monetary Fund temporarily halted support, triggering a currency collapse, defaults and financial turmoil. The latest settlement leaves French shipping mogul Iskandar Safa and his Privinvest group among key remaining defendants in a high court battle over the funding and maritime deals that have already triggered US and Mozambican criminal proceedings.
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Credit Suisse, Mozambique reach out-of-court ‘tuna bond’ settlementZURICH, Oct 1 — Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the US$1.5 billion-plus (RM7 billion-plus) “tuna bond” scandal, the Swiss...
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