ছবি Photo from Reuters file: A Credit Suisse sign outside their US headquarters in the Manhattan borough of New York City, September 1, 2015. Reuters / Mike Seger / File photo
By Chris Prentice
(Reuters) – Credit Suisse Group AG has agreed to pay US and British authorities about 47 475 million to settle bribery and fraud allegations related to Mozambican bond offers, while a subsidiary has pleaded guilty to a New York conspiracy allegation, another scandal.
The US Securities and Exchange Commission (SEC), the US Justice Department and the UK’s Financial Conduct Authority have been involved in a 2 billion scandal involving the Mozambican government-guaranteed wing, alleging bribery and fraud in Zurich-based banks.
SEC Dr. Swiss credit (Six) Two bond offers and a syndicated loan with a scheme that misleads investors by fraud and violates U.S. bribery laws that raise funds on behalf of Mozambique’s state-owned entities.
The bank has entered into a delayed prosecution agreement with the U.S. Department of Justice, while the subsidiary, Credit Suisse Securities (Europe) Limited, or CSSEL, pleaded guilty to conspiracy to commit wire fraud in U.S. federal court in New York.
As part of the settlement, Credit Suisse agreed to pay the British authorities about 200 million in fines and to forgive Mozambique’s 200 million debt. As a result, the bank said it expects to charge 0 230 million in the third quarter of 2021.
A statement from the bank said, “Credit Suisse is satisfied with the completion of the activities of the US, UK and Swiss regulatory authorities in financing the bank’s loan for Mozambique’s state-owned enterprise.”
Russian bank VTB’s London-based subsidiary Mozambique has agreed to pay more than million 1 million to settle the SEC charges. “VTB takes today’s settlement seriously and the SEC fully cooperates in the investigation,” the bank said.
Credit Suisse embroiled in scandal https://www.reuters.com/business/finance/credit-suisse-scandals-prompt-switzerland-think-unthinkable-punish-bankers-2021-05-28 Fall of US Family Office Archegos, Supply Alleged client-loss and corporate espionage as a result of the collapse of chain finance Greensil.
Chairman Antonio Horta-Osorio, who joined the bank from Lloyds (LON 🙂 in the UK in April, said the scandals facing the bank were the biggest he had seen in his career.
The U.S. settlement was announced just minutes before action was taken against the bank for intervening against Iqbal Khan, a former top asset management executive at the Swiss financial regulator Bank, and others.
The Swiss Financial Markets Supervisory Authority, Finma, said the bank had “serious organizational flaws” surrounding espionage that eventually led to the departure of chief executive Tidjan Thiam.
Finma said in a statement that it had taken action against the bank, reprimanded two people and initiated legal action against an additional three without naming them.
Credit Suisse said in a statement that with Tuesday’s move it could “draw a line now” under the Mozambican issue. Regarding the reasons for FINMA’s action, Credit Suisse added, “The Bank condemns any unfair monitoring and has already taken decisive steps to strengthen its relevant regimes and processes.”
The SEC’s resolution on Tuesday is the latest development in Mozambique’s story for Credit Suisse over many years, with personal lawsuits still pending. The African country is suing Credit Suisse and shipbuilder Previnvest in the London High Court over a large portion of the 2 billion in loans that have gone missing.
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