Swiss group files criminal complaint against Credit Suisse over Mozambique loans
30 Apr 2019

A Swiss anti-corruption lobby group has filed a criminal complaint against Credit Suisse over alleged fraud in the arrangement of $2 billion of loans to Mozambique, the group said on Monday.

Mozambique, one of the most indebted countries in the world, in 2016 admitted to billions of dollars of undisclosed borrowing, sparking a debt crisis and leading to the arrest of government officials and international bankers in the United States, United Kingdom and South Africa.

Three former Credit Suisse bankers were arrested in London in January on U.S. charges of conspiring to violate anti-bribery law and to commit money laundering and securities fraud, while former Mozambique finance minister Manuel Chang was arrested in South Africa as part of the same case.

Public Eye, a Switzerland-based advocacy group focused on financial crimes, said even though the transactions were facilitated by Credit Suisse’s UK subsidiary, the bank should also be investigated in its home jurisdiction.

“With its criminal complaint, Public Eye is calling on the Office of the Attorney General to investigate whether Credit Suisse Group AG fulfilled its corporate responsibility to oversee its subsidiary and prevent unlawful conduct as required of companies by the Swiss criminal code,” the pressure group said in a statement.

By Mfuneko Toyana, Karin Strohecker and Michael Shields, Reuters, 29 April 2019

Read more at Reuters

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