Credit Suisse and Mozambique Reach Settlement on 'Tuna Bond' Dispute
Credit Suisse, now owned by UBS, has reached an out-of-court settlement with Mozambique over the decade-old "tuna bond" scandal, resolving a major legal dispute. Under the deal, UBS will forgive part of a loan made by Credit Suisse to Mozambique in 2013. The settlement includes most of the creditors involved in funding the loan. The case revolves around deals between Mozambican companies and shipbuilder Privinvest, funded by loans and bonds from Credit Suisse, which were intended for the development of the fishing industry. However, hundreds of millions of dollars went missing, leading to financial turmoil. French shipping mogul Iskandar Safa and Privinvest remain defendants in a High Court battle.