Credit Suisse to pay $475M to resolve Mozambican scandal charges
(Reuters) — Credit Suisse Group AG has agreed to pay nearly $475 million to U.S. and British authorities to resolve charges in connection with Mozambican bond offerings, the U.S. Securities and Exchange Commission said Tuesday.
The charges centered on the Zurich-based bank's role in a $2 billion scandal involving government-guaranteed loans. The SEC said Credit Suisse fraudulently misled investors and violated U.S. bribery laws in a scheme involving two bond offerings and a syndicated loan that raised funds on behalf of state-owned entities in Mozambique.
The resolution is the latest development in the multi-year scandal for the bank. Mozambique is also suing Credit Suisse and shipbuilder Privinvest in London's High Court over $2 billion in government-guaranteed loans raised in 2013 and 2014, a hefty chunk of which went missing.
