Credit Suisse agreed to pay $475 million and forgive $200 million Mozambique owes to investors in coordinated settlements with U.S. and European authorities over loans the bank made in the country
agreed to pay $475 million and forgive $200 million Mozambique owes to investors in coordinated settlements with U.S. and European authorities over loans the bank made in the country.
The U.K.’s financial regulator fined the bank $200 million and said the firm would forgive an additional $200 million of debt owed to investors by Mozambique. Switzerland’s financial regulator, citing failings around the Mozambique lending, put restrictions on Credit Suisse’s ability to make new loans to financially weak or corruption-prone countries and companies. It will also review existing loans that meet those criteria.
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