UBS Group AG is in talks with the Mozambican government to forgive as much as $100 million of debt as part of a settlement over Credit Suisse’s role in a financing scandal in the African nation, according to people with knowledge of the matter.
The parties are still negotiating the terms of the out-of-court deal, one of the people said, declining to be identified because the matter is private. Mozambique’s attorney general may announce the settlement as soon as next week, another person said. It’s not yet clear what, if any other concessions UBS would make in a settlement.
The debt — most of which was hidden from the International Monetary Fund and donors — ended in a sovereign default and sparked an economic crisis for the world’s sixth poorest nation. The scandal also prompted court cases spanning New York to London and Mozambique itself, where the former president’s son is serving a 12-year prison sentence for his involvement.
A spokesperson for UBS declined to comment while lawyers for Privinvest didn’t respond to a request for comment.The case is one of the many inherited legal troubles that UBS wants to resolve. Credit Suisse agreed in 2021 to pay almost $475 million to resolve multiple investigations into its role in the scandal.
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