Swiss Probe Credit Suisse's 2013 Financial Deal

Swiss prosecutors indicted a former Credit Suisse official and the bank over a 2013 $7.9M transfer from Mozambique's finance ministry.
Credit Suisse's 2013 loan program to Mozambique provided over $2B to state-owned companies.
Most funds were routed to UAE accounts, with the compliance officer delaying reporting until 2019.
Prosecutors charged two others, with Swiss penalties including up to 1 year in prison and $5M fine.
UBS rejects the Attorney General's conclusions, citing corporate clause used in recent cases.
Investor flight and Credit Suisse's near collapse led to its rescue by UBS.

Legal | Finance | Corruption

United States | Switzerland | UAE | Mozambique

1 month ago