Mozambique Debt Scandal. Bank Admits Guilt, Knew of EMATUM Default Risk

It has taken almost six years, but the Mozambique debt scandal involving USD2 billion in deals to state-owned companies that were supposed to fund a tuna fishing fleet and a new coastal patrol force, is one step closer to being resolved.

This week, Credit Suisse Group AG, a global financial institution headquartered in Switzerland, and Credit Suisse Securities (Europe) Limited (CSSEL), its subsidiary in the United Kingdom (together, Credit Suisse), have admitted to defrauding U.S. and international investors in the financing of an USD850 million loan for a tuna fishing project in Mozambique.