Mozambique and Banks Settle 'Tuna Bond' Dispute
TL;DR Summary
Credit Suisse has reached a last-minute settlement with Mozambique in a $1.5 billion bribery and fraud case, just a day before a trial was set to begin in London. The case, known as the 'tuna bonds' scandal, dates back to 2013 and 2014 when Mozambique, Privinvest, and Credit Suisse entered into loan agreements. The loans were secured with undisclosed government guarantees and were intended to fund projects such as a state tuna fishery. The case led to a debt default and criminal investigations, with Mozambique seeking $1.5 billion in damages. Details of the settlement were not immediately available.
- Mozambique, Credit Suisse settle 'tuna bonds' row — reports DW (English)
- UBS Reaches Settlement With Mozambique Over Tuna-Bonds Bloomberg
- Credit Suisse, Mozambique secure out-of-court 'tuna bond' settlement Reuters
- UBS settles with Mozambique in Credit Suisse 'tuna bond' case Financial Times
- UBS Settles Tuna Bond Case in Mozambique finews.asia
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