Well, OK

Credit Suisse has been fined almost £150m as part of a global settlement for its role in the “tuna bonds” scandal that tipped Mozambique into a financial crisis.

The bank will pay a total of $475m (£344m) to settle an investigation into the role it played in the $2bn scandal that sent shockwaves through the east African country.

A subsidiary for the Swiss bank pleaded guilty of conspiracy to commit wire fraud at a hearing in Brooklyn on Tuesday, while Credit Suisse entered into a three-year deferred-prosecution agreement with the US Justice Department.

And the folks on the government side who nicked the money and spent it on themselves, their punishment is?

6 thoughts on “Well, OK”

  1. So, Swiss bank involved in fraud in African country…. why a US prosecution? When did the US nationalise all electrons?

    This is just a US Government protection racket: Pay us the money or we kidnap your daughter, cf Huawei.

  2. Andrew M: …because someone else stole $2bn? Seems more than a little unfair.

    That’s what Black History Month is all about: it’s history!

  3. Tim

    The “almost £150m” (£147m) is a fine by the UK (as part of a global agreement, the Brooklyn bit is different):

    “The UK’s Financial Conduct Authority said it had fined Credit Suisse £147m as part of this global agreement, saying the fine was for serious financial crime due diligence failures.

    Mark Steward, the regulator’s enforcement and market oversight chief, said: “The FCA’s fine reflects the impact of these tainted transactions which included a debt crisis and economic harm for the people of Mozambique.”

    and the bank said:

    “Credit Suisse is satisfied with the completion of the proceedings by US, UK and Swiss regulatory authorities”

    So not just the US. And presumably because financially regulated in particular jurisdictions?

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