US CHARGES FIVE OVER MOZAMBIQUE TUNA BONDS SCANDAL
January 1st, 2019
Three former Credit Suisse bankers have been charged with violations of the USA Foreign Corrupt Practices Act (FCPA) in a US district court over a USD2 billion Mozambique tuna bonds scandal uncovered in 2016. According to the US Department of Justice, Andrew Pearse, Surjan Singh, and Detelina Subeva fraudulently arranged around USD2 billion in loans between 2013 and 2016 supposedly to fund a state tuna fishery. Many of the loans were hidden from the International Monetary Fund (IMF), which cut off lending to Mozambique after the scandal was discovered. The ...
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