Swiss prosecutors have launched a probe into a $2bn loan scandal in Mozambique involving Credit Suisse.

The criminal proceedings are directed towards unknown persons.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

“The OAG opened criminal proceedings in February 2020 on suspicion of money laundering in connection with the granting of loans to state-owned companies in Mozambique,” stated the Office of the Attorney General (OAG).

The statement confirms a report by newspaper Neue Zuercher Zeitung.

Credit Suisse was one of the banks arranging $2bn in government-backed loans between 2013 and 2016 to develop Mozambique that led to a debt crisis in the country.

The loans were marketed as investments in maritime security projects and a state tuna fishery.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

However, millions of funds have not been accounted for, with the US alleging kickbacks and fraud.

Apart from Switzerland, the bank along with three former bankers, two middlemen and three Mozambican government officials have faced probe in London, New York as well as South Africa.

Credit Suisse said that it is cooperating with the concerned authorities on the issue.

The bank was recently also involved in a spying scandal and appealed to the top court to review the lawyer appointed by FINMA for looking into the scandal.

The scandal involved the surveillance of Credit Suisse former head of wealth management Iqbal Khan.

An internal investigation blamed Credit Suisse COO Pierre-Olivier Bouée for the spying operation, resulting in his ouster. The probe cleared CEO Tidjane Thiam who stepped down from his position.