The agreement concluded Tuesday with the American, Swiss and British authorities will help put an end to the prosecutions envisaged in this vast corruption case.
Le Monde with AFP
Credit Suisse concluded on Tuesday 19 October agreements with the US, British and Swiss authorities, including the payment of $ 475 million, to put an end to the prosecutions related to the appropriations granted to State companies of Mozambique in the heart a vast corruption case. The transactions in question, organized by the Helvetic firm between 2013 and 2016, were partly used to pay bribes even though they were presented to investors as a means of financing the development of fishing in Mozambique, detailed the authorities in separate releases.
The Swiss establishment has not completely disclosed the extent of Mozambique’s indebtedness, and therefore the risks of non-repayment, and has demonstrated significant gaps in its internal controls, accuse the authorities. The Swiss Bank, which is already facing the benefits of the Greensill and Archegos scandals, has therefore been a total of $ 547 million in penalties, fines and restitution in the United States and the United Kingdom, said The US Department of Justice.
The number two of the Helvetic banking sector that has already paid some amounts, it will have to pay an even $ 475 million: 200 million to the British FCA financial authority, nearly 100 million in the US Constable in the markets, the SEC, and 175 , 5 million to the US Department of Justice. The Bank has also agreed with the British authorities to cancel $ 200 million due by Mozambique.
Scandal of the “hidden debt”
The institution has parallel to an agreement with the Swiss Financial Markets Authority (FINMA), providing for third-party audit of measures to improve its internal control and risk management system across the group. . FINMA also imposed, for a limited time, specific conditions for any new credit transaction organized by the Bank on behalf of “financially low or corruption” country.
This case is part of a broad scandal of credits granted to three public companies Mozambican – Prinicus, Ematum and Mam – by Crédit Suisse and the Russian Bank VTB, theoretically for financing maritime surveillance projects, fishing and shipyard. They would have done extensively to maintain corruption for the benefit of relatives of power. The case had erupted in 2016, when the Mozambican Government had revealed that they have contracted these loans without warning Parliament or its donors. After this scandal, the IMF and most donors in the country, one of the poorest in the world, had suspended their help.
Because of this scandal says the “hidden debt”, Maputo was forced to interrupt the repayment of his debt and his currency, the metical, collapsed, plunging the country into the most serious financial crisis since Its independence in 1975. Credit Suisse, which ensures having already taken steps to strengthen its governance and processes, has passed in its third quarter a charge of $ 230 million. The bank is called “satisfied” of the end of the lawsuits initiated by the American, British and Swiss authorities, which allow it to “draw a trait” on this part of the scandal.