Ubs and Credit Suisse, investigation opened in Switzerland
Federal prosecutor denounces 'organisational shortcomings' in connection with Mozambique 'tuna bonds' scandal
Key points
UBS and Credit Suisse have come under the spotlight of the Swiss judiciary. The Swiss federal prosecutor announced today that he has filed an indictment against a former Credit Suisse employee, accusing him of money laundering in connection with loans granted in Mozambique.
The Office of the Attorney General also alleges that Credit Suisse and its parent company, Credit Suisse Group AG, later merged into Ubs AG and Ubs Group AG, failed to prevent the crime due to 'organisational deficiencies'.
Ubs immediately rejected the allegations, which date back to events in 2016 and are related to Credit Suisse before the bank was acquired by Ubs in 2023: "We strongly reject the findings of the Attorney General's Office and will vigorously defend our position," the bank said in a note.
The affair
The case concerns loans of over USD 2 billion granted by Credit Suisse to three state-owned companies in Mozambique, in a deal that became known as the 'tuna bonds' scandal.
The loans were intended to develop the country's tuna fishing industry, but much of the money was diverted to maritime surveillance and security equipment.
