Credit Suisse Group AG will pay about USD475 million to US and British authorities to resolve allegations of fraud related to a corruption scandal in Mozambique. Through the actions of its bankers, Credit Suisse fraudulently misled investors and violated U.S. bribery laws.
According to regulators, between 2013 and 2016, Credit Suisse helped negotiate financing for a project worth nearly USD1 billion for industrial tuna fishing in Mozambique. However, much of the money was diverted through fraud to Credit Suisse bankers and Mozambican officials.