Credit Suisse Group AG will pay about $475 million to American and British authorities to resolve bribery and fraud charges relating to a $2 billion Mozambican corruption scandal, while its subsidiary pleaded guilty to a conspiracy charge in New York, U.S. and UK agencies said on Tuesday.
A Credit Suisse sign is seen on the exterior of their Americas headquarters in the Manhattan borough of New York City, September 1, 2015. REUTERS/Mike Segar/File Photowill pay about $475 million to American and British authorities to resolve bribery and fraud charges relating to a $2 billion Mozambican corruption scandal, while its subsidiary pleaded guilty to a conspiracy charge in New York, U.S. and UK agencies said on Tuesday.
The three former Credit Suisse bankers, along with two middlemen and three Mozambican government officials, were charged in 2018 for money laundering and defrauding U.S. investors who had invested in the loans. U.S. prosecutors said at least $200 million of the loans had been diverted to the eight defendants. The former bankers pleaded guilty in 2019.
Credit Suisse's European subsidiary also pleaded guilty in a U.S. federal court to one criminal count of conspiracy to commit wire fraud, while the group has entered a three-year deferred prosecution agreement with the Justice Department. "Credit Suisse is satisfied with the completion of the proceedings by U.S., UK and Swiss regulatory authorities into the bank's arrangement of loan financing for Mozambique state enterprises," the bank said in a statement.including heavy losses from the collapse of U.S. family office Archegos, client-losses stemming from the collapse of supply chain finance company Greensill, and allegations that it snooped on its former top wealth management executive Iqbal Khan.
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