Mozambique is another state battling State Capture. At the centre of one of Africa’s biggest corruption scandals is Swiss banking behemoth Credit Suisse.
A former Credit Suisse banker from London avoided prison Thursday for taking $200,000 of dirty money that flowed from Mozambique's $2 billion loan bribery and corruption scandal, after a federal judge in New York cited her "extraordinary cooperation."
The US authorities have fined the two foreign banks in the tuna bond scam. Now Maputo s politicians are in the frame in court, Five years after Mozambique s economy sank into a quagmire of bad debt, Credit Suisse faces at least US$747 million of penalties for its part in the country s $2 billion hidden loans scandal. Critics say the punishment is too light, but the fallout from the so-called tuna bonds is far from over for the Swiss bank – and for Mozambique s President, Filipe Nyusi, and others in the political elite.
Credit Suisse Group AG, a global financial institution headquartered in Switzerland, and Credit Suisse Securities (Europe) Limited (CSSEL), its subsidiary in the United Kingdom (together, Credit Suisse), have admitted to defrauding U.S. and international investors in the financing of an $850 million loan for a tuna fishing project in Mozambique.