UBS and a French shipping tycoon are set to face a civil claim of around $1.5 billion (CHF1.3 billion) stemming from Credit Suisse’s role in a fundraising scandal in Mozambique, the UK’s top judges said, the first time a court has put a figure on the size of the suit.
This content was published on
2 minutes
Bloomberg
The bank and a shipbuilder owned by billionaire Iskandar Safa are gearing up to defend themselves in a civil trial due to start early next month in London over the government-guaranteed loans in the so-called “tuna bond” case. The scandal saw hundreds of millions looted from Mozambique and tipped the southern African nation into economic crisis.
The Mozambican government’s claim is now worth around $1.5 billion, including more than $1 billion in lost international grants, the UK Supreme Court said in a ruling on Wednesday. The court declared that shipbuilder Privinvest couldn’t rely on arbitration agreements to postpone the London suit.
The impending trial is set to consider allegations that the Swiss bank, which was bought by rival UBS in June, ignored red flags and turned a blind eye to the corruption of its own bankers in deals struck a decade ago that were intended to fund a new coastal patrol force and tuna fishing fleet. The case triggered criminal investigations across the world with Credit Suisse agreeing in 2021 to pay almost $475 million to authorities.
“The judgment of the Supreme Court validates the Republic’s decision to bring proceedings against Privinvest and Mr. Safa in a public forum,” said Keith Oliver, a lawyer for Mozambique. Spokespeople for UBS and Privinvest couldn’t immediately comment.
Credit Suisse had unsuccessfully sought to block the trial after saying that Mozambique President Filipe Nyusi and his security service failed to disclose documents that were crucial for a fair trial. Earlier this month, Nyusi received immunity from any allegations he was involved in the conspiracy at the heart of multibillion dollar fishing-boat scandal, in a setback for the bank.
Is artificial intelligence an advantage or a disadvantage for workers?
What is your experience with AI at work? Have you already used it? Has it helped you work better? Or has it caused you more stress, more work or caused you to lose your job? Tell us about your experiences!
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Credit Suisse seeks to strike out Mozambique ‘tuna bonds’ case
This content was published on
Credit Suisse wants London’s High Court to strike out a Mozambique lawsuit over the bank’s role in the $2 billion “tuna bonds” scandal.
Mozambique reeling from Credit Suisse ‘tuna bond’ scandal
This content was published on
Mozambique's Tuna Bond legal battle could be a "hollow victory" if the country's economy collapses under a mountain of debts.
This content was published on
“Credit Suisse’s admission of responsibility, failure to comply with the law (…) and involvement of employees in bribery underscores the legitimacy of FMO’s demand for full cancellation of the illegal debt,” said the Budget Monitoring Forum (FMO), a coalition of civil society groups working on public finance accountability. The statement was made in response to…
Swiss open investigation into Mozambique loan scandal
This content was published on
Swiss prosecutors have opened an investigation into a suspected money laundering scandal involving loans to state-owned companies in Mozambique.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.