UBS Rejects Claims Again Before Start of Mozambique Process
Published: Tuesday, Oct 17th 2023, 16:10
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The UBS bank had to defend itself against accusations from the African country of Mozambique before the delayed start of the Mozambique process in London, despite having already reached an agreement with the African country for its subsidiary Credit Suisse. On Monday, a judge apparently explicitly rejected any further claims from Mozambique against the Swiss bank. Following the out-of-court settlement between the UBS subsidiary CS and Mozambique at the beginning of October, the civil process in London is now due to begin this week with a two-week delay.
A judge at the London High Court apparently issued an order on Monday at the last minute that the country could no longer make any further claims against CS, according to news agency AWP from involved sources. The focus of the process at the London High Court is now mainly on compensation claims from Mozambique against the shipbuilding company Privinvest of the French-Lebanese businessman Iskandar Safa.
The long-standing dispute over the so-called "tuna bonds" revolves around loans and bonds to Mozambique, which were used to finance the construction of a tuna fishing fleet, among other things. It is alleged that large amounts of bribes were paid to corrupt officials. The scandal plunged Mozambique into a deep financial crisis. UBS announced an out-of-court settlement with Mozambique at the beginning of October, without giving any further details. Various media had speculated that the UBS had granted the country a debt relief of several hundred million dollars as part of the settlement.
©Keystone/SDA
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