Credit Suisse to pay $ 475 million for Mozambique bribe scandal

By Jack Queen (October 19, 2021, 8:39 p.m. EDT) – A Credit Suisse unit pleaded guilty on Tuesday to wire fraud and will pay US and UK authorities $ 475 million for its role in a $ 2 billion corruption scandal dollars in Mozambique to settle a long-standing investigation into the tainted bonds of development projects.

The UK subsidiary of Credit Suisse will write off $ 200 million in Mozambican debt in addition to paying US and UK authorities $ 475 million after pleading guilty to wire fraud. ((AP Photo / Antonio Calanni) The UK branch of the Swiss bank has pleaded guilty to a wire fraud conspiracy in federal court in Brooklyn for arranging toxic government guaranteed loans as part of a corruption that blocked the …

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