2023-09-28 08:35:03
Zurich (awp) – The bank UBS is reportedly seeking to conclude an extra-judicial agreement in the context of fraudulent loans granted to Mozambique, the Financial Times newspaper said on Thursday. The High Court of Justice in London is due to begin judgment next Monday in this case in which Credit Suisse is involved, since bought by its counterpart with the three keys.
The lawyers of the Zurich banking group are trying to bring regarding such an agreement, while those of the East African country want to settle the matter before the judges, wrote the British daily, citing anonymous sources close to the matter. Mozambique is seeking up to $1.5 billion in damages from the bank.
Contacted by the AWP agency, UBS refused to comment on this information.
In October 2021, Credit Suisse was ordered to pay nearly $475 million to American and British authorities to settle lawsuits linked to fundraising organized by the Zurich establishment on behalf of public companies in Mozambique, in the heart of a vast affair of corruption.
The transactions in question were used to pay bribes to ex-Credit Suisse bankers and government officials, even though they were presented to investors as a way to finance the development of tuna fishing. in Mozambique, detailed the American financial markets authority (SEC).
The affair broke out in 2016, when the Mozambican government revealed that it had taken out these loans without notifying parliament or its donors. After this scandal, the IMF and most donors to the country, one of the poorest in the world, suspended their aid.
Due to this so-called “hidden debt” scandal, Maputo was forced to interrupt the repayment of its debt and its currency, the metical, collapsed, plunging the country into the most serious financial crisis since its independence in 1975.
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