12 °c
London
Friday, May 27, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Credit Suisse Mozambique loans in focus as Swiss begin probe

FurtherAfrica by FurtherAfrica
June 6, 2020
in Africa, Banking, Economy, Finance, Mozambique
Reading Time: 2 mins read
1.1k 22
0
Credit Suisse Mozambique loans in focus as Swiss begin probe
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Swiss prosecutors have opened an investigation into the $2 billion loan scandal which tipped Mozambique into a debt crisis, the Office of the Attorney General (OAG) said on Friday.

“The OAG opened criminal proceedings in February 2020 on suspicion of money laundering in connection with the granting of loans to state-owned companies in Mozambique,” it said in an emailed statement, confirming a report by newspaper Neue Zuercher Zeitung.

“The criminal proceedings are being conducted against persons unknown.”

Credit Suisse was one of the lenders that helped arrange $2 billion in government-guaranteed loans between 2013 and 2016 to develop Mozambique’s coastal defences, shipping fleet and tuna fishing industry.

But hundreds of millions of dollars went missing in what U.S. authorities have alleged was an elaborate front for a bribery and kickback scheme, and the scandal triggered a currency collapse and debt default.

Credit Suisse, three former bankers, two middlemen and three Mozambican government officials have faced court cases and investigations spanning London, New York, South Africa and now Switzerland.

Swiss prosecutors on Friday said their investigation followed various suspicious activity reports it had received from Switzerland’s Money Laundering Reporting Office, a 2018 request for mutual legal assistance from Mozambique and a criminal complaint.

They noted that the outcome of the proceedings remained uncertain and it was not conducting the proceedings against any specific persons or legal entities.

Swiss anti-corruption lobby Public Eye filed a criminal complaint against Credit Suisse to the office last year.

“As the OAG statement notes, the investigation is against unknown persons. CS is cooperating with all authorities investigating these matters,” Credit Suisse said.

Mozambican authorities did not immediately respond to a request for comment.

Source: Reuters

Related

Tags: Credit SuisseEMATUMFeaturehidden debtloan scandalLondonMAMMozambiqueNew YorkOAGProIndicusPublic EyeSouth AfricaSwitzerlandSwitzerland Money Laundering Reporting OfficeSwitzerland Office of the Attorney Generalмозамбикموزمبيقモザンビーク莫桑比克
ScanSendShare432Tweet270Share76Pin97Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Africa’s creative digital economy
Development

Africa must digitalize to achieve the 4th industrial revolution

by FurtherAfrica
May 27, 2022
Weekend – Arise Africa and Succeed!
Culture

Reflecting on Africa Day – post colonialization achievements

by The Exchange
May 27, 2022
Energy

Mozambique gas to contribute to world energy transition – minister

by Club of Mozambique
May 27, 2022
Private Equity

Phatisa and DFIs co-invest in Lona Group

by Africa Global Funds
May 27, 2022
Venture Capital

Ghana CarePoint raised US$10M bridge investment

by TechGist Africa
May 27, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

Africa’s creative digital economy
Development

Africa must digitalize to achieve the 4th industrial revolution

by FurtherAfrica
May 27, 2022
0

Africa must develop high computing capacity to achieve the 4th industrial revolution, said Paul Tiyambe Zeleza, Associate Provost and Professor,...

Read more
Weekend – Arise Africa and Succeed!

Reflecting on Africa Day – post colonialization achievements

May 27, 2022

Mozambique gas to contribute to world energy transition – minister

May 27, 2022

Phatisa and DFIs co-invest in Lona Group

May 27, 2022

Ghana CarePoint raised US$10M bridge investment

May 27, 2022

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?