Published 2 months ago

UBS settles with Mozambique in Credit Suisse ‘tuna bond’ case

Mozambique has reached a $1.5 billion settlement with Credit Suisse, ending the bribery and fraud case brought against the bank by Mozambique. The case, which dates back to 2013 and 2014, involved loans of about $2 billion provided by Credit Suisse to three state-owned Mozambican companies and shipbuilder Privinvest.
Mozambique had sought $1.5 billion in damages from Credit Suisse for alleged bribery and fraud. The settlement marks the resolution of the legal dispute between the two parties.
This last-minute settlement brings an end to the legal battle and avoids a potential trial, providing closure to the Mozambique-Credit Suisse case.

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Bloomberg

UBS Reaches Settlement With Mozambique Over Tuna-Bonds

UBS Group AG reached a settlement with Mozambique over Credit Suisse’s role in a ship-financing scandal, resolving the case between the two on the eve of a London trial.

2 months ago·United States

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Deutsche Welle

Mozambique, Credit Suisse settle 'tuna bonds' row

The out-of-court settlement was reached just a day before a trial was set to start in London. Maputo was suing the Swiss bank over alleged bribery and fraud.

2 months ago·Germany

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WTVB

Credit Suisse, Mozambique reach out-of-court ‘tuna bond’ settlement

ZURICH (Reuters) - Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the $1.5 billion-plus "tuna bond" scandal, the Swiss bank's new owner UBS said on Sunday, drawing a line under a damaging dispute it inherited. (Reporting by Noele Illien)

2 months ago

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Business Live

print: Credit Suisse, Mozambique secure out-of-court ‘tuna bond’ settlement

UBS will forgive part of a loan that Credit Suisse made to Mozambique in 2013

2 months ago·Johannesburg, South Africa

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Financial Times

UBS settles with Mozambique in Credit Suisse ‘tuna bond’ case

Country had been suing the bank and others for their part in a 2013 loans scandal that wrecked its finances

2 months ago·London, United Kingdom

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wiwo.de

Banks: Credit Suisse settles bribery dispute with Mozambique

Page 1: The UBS subsidiary settles a long-standing legal dispute. The agreement between the financial institution and Mozambique is reached at the last minute.

2 months ago

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