Credit Suisse has agreed to pay almost $475m to resolve investigations into its role in Mozambique’s ‘tuna bond’ corruption scandal. Credit Suisse bankers received $50m in hidden kickbacks for their role in a $2bn debt deal that was supposed to fund a fishing fleet and coast guard for Mozambique’s fishing industry, but most of the funds were spent on maritime defense. The secret loans became known one of the greatest corruption scandals of all time, while their discovery triggered a Mozambican currency collapse and sovereign debt default.
Source : African Business
