United States: Credit Suisse to Pay $475 Million to Settle Mozambique Case

Credit Suisse Group AG agreed to pay almost $475 million to resolve multiple investigations into its role in a fundraising scandal that saw hundreds of millions looted from Mozambique and tipped the country into an economic crisis.

The Zurich-based bank said it expects to take a $230 million charge in the third quarter as a result of the settlement, a further hit for shareholders after the bank was buffeted by the Greensill and Archegos Capital Management scandals.

The legal agreement is the latest action in a multi-year, international saga resulting from $2 billion of debt deals that were supposed to help fund a new coastal patrol force and tuna fishing fleet in Mozambique, one of the world’s poorest countries. Three Credit Suisse bankers have previously pleaded guilty in the matter.

This article was originally posted on bloomberg.com

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