UK watchdog bans ex-Credit Suisse bankers over tuna bond bribes

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Financial Times 11h ago

UK watchdog bans ex-Credit Suisse bankers over tuna bond bribes - Financial Times

Quick Summary:

When the loans were discovered in 2016, the IMF and international donors cut off support for Mozambique’s government budget, triggering a slowdown for what was one of Africa’s fastest-growing economies.

Credit Suisse helped arrange $2bn of loans and bond issues, which were partly concealed from the IMF and other donors to the country.

Controversy over the Mozambique bonds was one of several high-profile scandals that besmirched Credit Suisse’s reputation by revealing systemic failures in risk management, contributing to a loss of confidence that ultimately led to the bank’s takeover by rival UBS.