Credit Suisse agreed to pay $547 million to resolve a bribery and fraud scheme involving investments and financing arrangements for $850 million loan for the EMATUM tuna fishing operation. The fallout has dealt the Mozambique economy a crippling blow.
Credit Suisse Group AG, a global financial institution, and its London-based European subsidiary, Credit Suisse Securities (Europe) Limited (CSSEL) on October 19 resolved a wide-ranging bribery and fraud scheme involving investments and financing arrangements for an $850 million loan for a tuna fishing project in Mozambique. To resolve the violations, Credit Suisse agreed to pay a total of $547 million in penalties, fines and disgorgement as part of comprehensive criminal and civil resolutions in the United States and the United Kingdom.
Credit Suisse Settles Multi-Jurisdiction Bribery and Fraud Case for $547 Million (Part I of II) – Corruption, Crime &… https://t.co/7TuBA6GHRG via @@mikevolkov20
— Michael Volkov (@mikevolkov20) October 27, 2021
Credit Suisse entered into a three-year deferred prosecution agreement coupled with the filing of a criminal information charging it with conspiracy to commit wire fraud. CSSEL entered a guilty plea to a one-count information charging it with wire fraud conspiracy.
Under the settlement agreement, Credit…
