Posted 10/1/2023, 12:03:54 PM

Credit Suisse settles $1.5B 'tuna bonds' case with Mozambique over fraud allegations

Credit Suisse reached a last-minute settlement with Mozambique in a $1.5 billion case over 'tuna bonds' fraud and bribery allegations.
The case dates back to 2013-14 when Mozambique took loans supposedly to fund projects like a state tuna fishery.
When the scale of the case emerged in 2016, donors halted support, causing a debt crisis in Mozambique.
Mozambique was seeking $1.5 billion in damages from Credit Suisse, alleging bribery and conspiracy to defraud.
Credit Suisse said it was unaware of misconduct by its bankers; Privinvest said it delivered on contracts.

dw.com

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