US EditionUBS 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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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)
Credit Suisse And Mozambique Settle The 'Tuna Bond' Out Of Court
(CTN News) – It was announced on Sunday that Credit Suisse had reached an out-of-court settlement with Mozambique over the decade-old $1.5 billion-plus “tuna bond” scandal, the Swiss bank’s new owner UBS (UBSG.S) said. The settlement marks the end of the damaging dispute the new owner inherited from Credit Suisse. According to a statement issued […]
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Leaning Left1Leaning Right1Center3Last UpdatedBias Distribution60% Center
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