Switzerland indicts ex-credit Suisse officer over Mozambique scandal
The case revolves around over $2 billion in loans that Credit Suisse extended in 2013 to three state-owned Mozambican companies, transactions that later sparked international probes.
According to the OAG, in 2016, Mozambique’s Ministry of Economy and Finance transferred approximately $7.86 million to Credit Suisse accounts held by a foreign company suspected of involvement in the scandal.
Authorities said the money is presumed to have come from a “running fee” generated through corruption and misconduct in Mozambique. Shortly after the funds were received, about $7 million was moved to accounts in the United Arab Emirates. While internal investigations began, the indicted compliance officer allegedly suggested ending the business relationship rather than reporting the suspicious transaction to Switzerland’s Money Laundering Reporting Office (MROS). Following the closure of the account, an additional $609,000 and 28,000 Swiss francs (nearly $35,000) suspected of illicit origin were transferred abroad.
The OAG claimed the officer’s negligence facilitated the laundering of these remaining funds. Prosecutors also argued that Credit Suisse, its parent company, and their successors UBS SA and UBS Group SA did not maintain sufficient compliance measures, noting “considerable defects” in risk management and internal procedures in 2016. A report to MROS was not submitted until 2019, after the US Department of Justice launched its own criminal investigation.
UBS and UBS Group have been charged under corporate criminal liability rules for failing to prevent the alleged misconduct. Proceedings against a second Credit Suisse employee were dropped for procedural efficiency, as the individual had already been convicted in a separate administrative case now under appeal.
The Federal Criminal Court will oversee the trial, and the presumption of innocence remains in effect until a final verdict is reached, reports state.
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