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05.11 - 15:19
Credit Suisse admits it defrauded investors to settle Mozambique charges
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fnlondon.comCredit Suisse Group AG agreed to pay $475m and forgive $200m Mozambique owes to investors in coordinated settlements with US and European authorities over loans the bank made in the country.
A subsidiary of the Swiss bank pleaded guilty to wire fraud conspiracy charges in New York federal court on 19 October. Credit Suisse, which previously had maintained it was a victim of rogue employees, admitted to defrauding investors who bought some of the debt and agreed to pay $275m to resolve both a criminal probe by the Justice Department...
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