Follow @dorgang

Follow @snbchf

Home › 3) Swiss Markets and News › 3.) Swissinfo Business and Economy › Swiss federal prosecutor receives Credit Suisse papers on Mozambique scandal

Previous post Next post

Swiss federal prosecutor receives Credit Suisse papers on Mozambique scandal

Published on October 30, 2024

See on Internet Archive

by
Swissinfo
My articles My site About me My videos My books
Follow on:Twitter Facebook Google +

Swiss federal prosecutor receives Credit Suisse papers on Mozambique scandal — The Mozambique scandal concerns loans to Mozambique arranged by Credit Suisse a decade ago, which were taken out without the knowledge of the local parliament and the International Monetary Fund. Keystone / Georgios Kefalas

Generated with artificial intelligence.

The Office of the Attorney General of Switzerland has received documents from former Credit Suisse companies relating to the Mozambique debt scandal. The Appeals Chamber has rejected an appeal by the financial institutions taken over by UBS.

This content was published on October 30, 2024 - 12:24

Keystone-SDA

+Get the most important news from Switzerland in your inbox

In September 2023, the Office of the Attorney General of Switzerland (OAG) opened proceedings against persons unknown on suspicion of money laundering in connection with the Mozambique scandal. The case concerns omissions or actions by unknown employees of the Credit Suisse Group.

The starting point is a payment of $7.86 million (CHF9.06 million) into a company account at one of the Credit Suisse companies. This is the result of a decision published on Wednesday by the Appeals Chamber of the Federal Criminal Court.

UBS reaches ‘tuna bond’ settlement with Mozambique

This content was published on Oct 1, 2023 UBS reaches settlement with Mozambique over Credit Suisse’s role in a ship-financing scandal, resolving the case between the two on the eve of a London trial.

The money of allegedly criminal origin is said to have been paid to the Ministry of Economy and Finance of Mozambique. The circumstances surrounding the subsequent closure of the account are also being investigated. This took place without a suspicious activity report being submitted to the Money Laundering Reporting Office.

No business secrets

The OAG refused to seal the documents requested by Credit Suisse. The Board of Appeal confirmed that there was no valid reason for this. It does not accept the bank’s argument of commercial secrets.

It writes that banks are obliged to keep the requested information available to support the judiciary in the prosecution of money laundering offenses.

The Mozambique scandal concerns loans to Mozambique arranged by Credit Suisse a decade ago, which were taken out without the knowledge of the local parliament and the International Monetary Fund. The money was intended to pay for the construction of a tuna fishing fleet, for example. In the process, bribes were paid on a large scale.

Last year, UBS reached an out-of-court settlement in the legal dispute between the acquired Credit Suisse and the state of Mozambique.

Translated from German by DeepL/jdp

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.

If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to [email protected].

US Treasury sanctions two Swiss lawyers for aiding Russian clients

This content was published on Oct 30, 2024 The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has added two Swiss lawyers to the sanctions list.

Experts pessimistic about the Swiss economic outlook

This content was published on Oct 30, 2024 According to financial analysts and economists, the outlook for the Swiss economy remains bleak.

Swiss social welfare drops for people from non-EU countries

This content was published on Oct 30, 2024 In Switzerland, 6.7% of the 669,100 people from third countries received social assistance in 2022.

Swiss National Bank launches competition to design new banknotes

This content was published on Oct 30, 2024 The Swiss National Bank (SNB) is launching a competition to design a new banknote series on the theme of “Switzerland and its altitudes”.

Swiss government boosts grain imports after poor harvest

This content was published on Oct 30, 2024 The Swiss grain harvest in 2024 was significantly lower than average. The government now plans to boost imports.

Roger Federer gives up boathouse plans amid public pushback

This content was published on Oct 30, 2024 Roger Federer has decided not to build the planned boathouse on the banks of his villa in the town of Rapperswil-Jona on Lake Zurich.

Swiss Post CEO Roberto Cirillo defends postal strategy

This content was published on Oct 30, 2024 Swiss Post CEO Roberto Cirillo has rejected criticism of Swiss Post's strategy.

Swiss foreign minister rebuffs Israel’s UNRWA decision

This content was published on Oct 30, 2024 Swiss foreign minister Ignazio Cassis hopes that Israel will not implement its parliamentary decision to ban UNRWA.

Suspect in French murder case accepts extradition from Switzerland

This content was published on Oct 30, 2024 The suspect in the case of a student killed in France, now accepts extradition from Switzerland, according to his lawyer.

UBS beats market expectations with billion-dollar quarterly profit

This content was published on Oct 30, 2024 Swiss bank UBS continues to make rapid progress with the restructuring and integration of Credit Suisse.

Full story here Are you the author?

About Swissinfo

SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.

My articles My site About me My books
Follow on:Twitter Facebook Google +