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aws账号(www.2km.me)_Credit Suisse to pay at least US$400m in Mozambique scandal

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Time for change: A Credit Suisse bank branch in Zurich. The move is another step by the bank to centralise operations and reverse a strategy under former chief executive officer Tidjane Thiam. — Bloomberg

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 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 buffetted 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.

Credit Suisse Securities Europe Ltd., a unit of the bank, pleaded guilty to a single charge of conspiracy to commit wire fraud at a hearing in Brooklyn federal court Tuesday. The parent company also entered into a three-year deferred-prosecution agreement with the U.S. Justice Department.

The bank deceived investors by hiding information about the use of the proceeds of three debt offerings from 2013 to 2016, prosecutors said Tuesday. Credit Suisse bankers received $50 million in kickbacks that were hidden from other members of management, part of at least $200 million in "improper payments” and bribes, the U.S. said.

The settlement highlights include:

$247.5 million criminal fine paid to the U.S. Justice Department, which will be reduced to $175.5 million after crediting payments to other authorities$100 million paid to the U.S. Securities and Exchange CommissionGBP147.2 million ($200.6 million) paid to the U.K.’s Financial Conduct AuthorityForgiveness of $200 million in debt owed by Mozambique as a result of the loansAppointing an independent third-party to review compliance measures for businesses in financially weak, high-risk countries, per enforcement action by Switzerland’s Financial Market Supervisory AuthorityBankers "were able to carry out the scheme as a result of deficiencies in Credit Suisse’s internal accounting controls, unreasonable reliance on the CS Bankers to structure the deal, and inadequate appreciation of bribery risks that came to the attention of the bank’s reputational risk, credit risk and compliance groups,” the U.S. Securities and Exchange Commission said Tuesday.

The agreement with authorities from the U.S. to Switzerland helps Credit Suisse move forward after a series of recent scandals.The lender was forced to freeze $10 billion in supply-chain finance funds this year related to defunct finance company Greensill Capital, and it took a $5.5 billion hit from the collapse of prime brokerage client Archegos Capital Management.

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