On Tuesday, Swiss Financial Market Regulatory Authority (FINMA) announced that it had ended its proceedings against Credit Suisse Group (Credit Suisse Group AG), saying the company had "seriously" violated requirements and AMLA obligations related to loans to state-owned enterprises. Mozambique in 2013.
lawsuits were coordinated by the Financial Conduct Authority (FCA) and SEC and they ended the case. Nevertheless, the U.S. Department of Justice (DOJ) said in a press release that Swiss Credit admitted to cheating U.S. and overseas investors in a $850 million loan financing for Mozambique's tuna fishing project.
As a result, Credit Suisse Group and CSSEL reached a three-year extension of prosecution agreement on a criminal information accusing the Swiss company of conspiring to commit wire fraud. “Over the course of several years, Credit Suisse has been involved in a global criminal conspiracy through its UK subsidiary to deceive investors, including U.S. investors, to investors, from failing to disclose important information to investors, including millions of dollars in kickbacks and high corruption risks, related to the $850 million fraudulent loans provided to a state-owned entity in Mozambique,” commented U.S. Attorney for the Eastern District of New York.
In addition, the UK FCA fined Credit Suisse $200664.594 billion for the sake of "serious financial crimes" related to loans. British financial regulator noted that Credit Suisse agreed to exempt the debt of the Mozambique Republic of 200 million US dollars. "The FCA's fines reflect the impact of these contaminated transactions, including the debt crisis and economic damage to the people of Mozambique. The fines would have been higher if Credit Suisse had not agreed to provide $200 million in debt cancellation. The FCA will continue to pursue serious mistakes in financial crime control by regulated companies," Mark Steward, executive director of FCA's law enforcement and market supervision, said in a statement.
On the other hand, due to Credit Suisse’s loan case, FINMA imposes new conditions on new loan operations in financially weak countries. Swiss regulators said it will review the implementation of Credit Suisse's measures to ensure compliance.
Case Background
According to FINMA, Credit Suisse UK's British subsidiary arranged two loans totaling $1 billion to ProIndicus SA (ProIndicus) and Empresa Moçambicana de Atum SA (EMATUM), two state-owned enterprises in Mozambique. Regulators say these loans account for almost 6% of Mozambique's GDP, aiming to fund maritime safety ships and tuna fleets.
As of press time, Credit Suisse has not issued an official statement on the authorities' investigation results.
Tianyan reminder: Before doing foreign exchange transactions, you must review the qualifications of the foreign exchange platform to prevent being deceived. If you encounter foreign exchange withdrawal problems or fraud, you should immediately collect evidence and report to the police, and expose and protect your rights!
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