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Credit Suisse Pays $475 Million for Mozambique Compliance Collapse

By Daniel Bethencourt

U.S. and U.K. officials have extracted $475 million from Credit Suisse for the lender's role in misleading global investors about a tuna fishing project in Mozambique that corrupt officials used as a front to plunder their country's treasury. In a 65-page settlement, federal prosecutors in Brooklyn disclosed Tuesday that compliance officers at the Zurich-headquartered institution declined to intervene at crucial moments as fraudulent loans were approved and did not act to sever the lender's ties with Privinvest, an Emirati entity led by an unidentified Lebanese and French national long-known for corruption. Those details build on what emerged in January 2019,...

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