ZURICH, 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...
ZURICH, Oct 1 — Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the 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.
“The parties are pleased to have resolved this long-running dispute stemming from events occurring a decade ago.” The tuna bond case dates back to three deals between state-owned Mozambican companies and shipbuilder Privinvest — funded in part by loans and bonds from Credit Suisse and backed by undisclosed Mozambican government guarantees.
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