Credit Suisse, Mozambique reach out-of-court ‘tuna bond’ settlement

credit-suisse,-mozambique-reach-out-of-court-‘tuna-bond’-settlement
Credit Suisse, Mozambique reach out-of-court ‘tuna bond’ settlement

Credit Suisse has reached a last-minute settlement with Mozambique regarding the “tuna bond” scandal, according to UBS, the Swiss bank’s new owner. This settlement brings an end to a damaging dispute inherited by UBS. The parties involved have mutually released each other from any liabilities and claims related to the transactions. They are pleased to have resolved this long-running dispute that originated from events that occurred a decade ago. The terms of the settlement were not disclosed, just one day before a three-month civil trial in London was scheduled to begin. The tuna bond case involves three deals between state-owned Mozambican companies and shipbuilder Privinvest, which were financed in part by loans and bonds from Credit Suisse and backed by undisclosed Mozambican government guarantees. Mozambique, one of the world’s poorest countries, sought to revoke a sovereign guarantee on a loan it claims was corruptly obtained and obtain compensation for other alleged wrongdoing. UBS, which rescued Credit Suisse earlier this year, has a financial buffer of up to $10 billion for litigation, according to JPMorgan analysts.

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