By Jonathan Easton 01/12/2025

Switzerland’s federal prosecutor has filed an indictment against a former Credit Suisse compliance officer and charged Credit Suisse Group SA and its successor companies UBS SA and UBS Group SA over alleged failures linked to loans granted to Mozambican state-owned firms in 2013, a saga widely known as the Mozambique Debt Scandal.

The Office of the Attorney General alleges the former Credit Suisse employee committed money laundering in relation to transfers connected to the loans. The case centres on payments of around USD 7.86 million sent in spring 2016 from Mozambique’s Ministry of Economy and Finance to accounts at Credit Suisse in Switzerland held by a foreign company said to be involved in the loan transactions.

According to the indictment, the funds stemmed from a state‑guaranteed running fee paid for purported services connected to the loans and are presumed to have been obtained or facilitated through offences in Mozambique, including bribery and misconduct in public office. Shortly after the money arrived, USD 7 million was transferred to bank accounts in the United Arab Emirates, prompting internal enquiries at Credit Suisse. Lire la suite.