UBS Settles CS’s Multi-Billion Dollar Dispute Over Tuna Bond Investments
Published: Sunday, Oct 1st 2023, 12:00
Updated At: Friday, Oct 13th 2023, 14:12
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The Swiss banking giant UBS has settled an open billion-dollar legal dispute between its subsidiary Credit Suisse and Mozambique. Credit Suisse has reached an out-of-court settlement with the East African nation over the scandal involving tuna bond investments worth over $1.5 billion. On Sunday, UBS, the new owner of CS, announced the end of the long-running dispute that it had inherited alongside other scandals from CS. On Monday, a civil lawsuit for damages claims in the affair was due to begin in London. The comparison between the Credit Suisse and the state of Mozambique also included most of the other creditors in this case. The parties have mutually released each other from all liabilities and claims related to these transactions, the bank said without providing further details. In the past decade, the Credit Suisse (CS) has been accused of providing loans and bonds to Mozambique without the knowledge of the country's parliament or the International Monetary Fund (IMF). The money was allegedly used to finance the construction of a tuna fishing fleet, with large bribes being paid to corrupt officials. This scandal has pushed Mozambique into a deep financial crisis.
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