UBS Group AG reached a settlement with Mozambique over Credit Suisse’s role in a ship-financing scandal which resolves the case between the two on the eve of a London trial that was scheduled to run for 13 weeks.
The settlement between Credit Suisse and the African nation also includes most of the other lenders under the Proindicus Facility Agreement, Zurich-based UBS said in a statement Sunday. No financial details were given by the bank, which took over Credit Suisse in June.
The settlement brings to a close a case that began a decade ago when Credit Suisse first financed the construction of a new coastal patrol force and tuna fishing fleet for Mozambique. The African nation alleges the Swiss bank ignored red flags and the corruption of its own bankers in deals struck as part of $2 billion worth of bond deals.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Credit Suisse, Mozambique reach out-of-court 'tuna bond' settlementZURICH (Reuters) - Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the $1.5 billion-plus
Read more »
UBS in Talks to Cancel $100 Million Mozambique Debt to End CaseUBS 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.
Read more »
UBS says 'not aware' of DOJ probe into sanctions-related compliance failuresUBS on Saturday said it is 'not aware' of a probe by the U.S. Department of Justice into alleged sanctions-related compliance failures, following a media report earlier this week. 'We're not aware of such a probe,' UBS said in a statement. On Wednesday Bloomberg reported that a full-scale investigation by the U.S. Department of Justice was underway into alleged compliance failures that helped Russian clients evade sanctions.
Read more »
UBS says 'not aware' of DOJ probe into sanctions-related compliance failuresZURICH (Reuters) - UBS on Saturday said it is
Read more »
UBS Says ‘Not Aware’ of DOJ Probe of Russia Sanction ComplianceUBS Group AG say it’s “not aware” of an investigation by the US Department of Justice into alleged compliance failures at Credit Suisse and UBS that may have allowed some of its Russian clients to evade sanctions.
Read more »