In fact, parent company UBS reached an agreement with the Mozambican government over Credit Suisse at the last minute. However, it appears that the African country now wants to sue the bank; In London, the trial in the so-called tuna bond scandal began late.
Confusion in London: The court has taken a forced break in the long-announced trial of the Mozambique case in the Thames City. Such as an electronic portal “Law 360” mentioned (paid item), The judge wants to examine Mozambique’s requests for potential claims.
He called on the representatives of the African country on Monday evening (yesterday) to review their opening statements to determine whether there are any arguments that go beyond what is unclear.
The trial was supposed to begin at the beginning of October, but was postponed for two weeks after the African country and UBS agreed to a last-minute settlement over CS’s involvement in the billion-dollar scandal. Now begins (today) Tuesday.
The trial of the remaining defendants, including a French-Lebanese billionaire and his shipbuilding company Privinvest, was also scheduled to begin last Monday.
Big differences of opinion
UBS and the Mozambican government settled the legal dispute at the last minute at the beginning of October as well finews.ch mentioned. UBS said at the time that both parties relieved each other of all obligations and claims related to loans and bonds arranged for the country in 2013. However, Mozambique is still suing Privinvest, a supplier of boats and other equipment from the Gulf region.
As the online portal specializing in legal issues wrote, the discussions that took place behind the scenes last week seem to have revealed deep differences of opinion and lack of trust between the parties. Although Mozambique absolved CS Bank of any responsibility, it clearly wanted to accuse the bank of involvement in an illegal conspiracy, which included, among other things, arranging bribes and kickbacks in exchange for state-backed contracts for massive infrastructure projects.
Against the settlement agreement?
A lawyer representing CS, according to Law360, argued that the allegations were a violation of the settlement agreement, which not only freed the bank from liability but also barred the African country from claiming that its former bankers were actually involved in bribery and corruption.
Although UBS settled the case, it faces claims arising from counterclaims brought by Abu Dhabi-based shipbuilder Privinvest over its alleged role in the scandal more than a decade ago.
However, according to the settlement, the African country is not allowed to support Privinvest, and Mozambique is in violation of the settlement agreement if it criticizes the bank’s role in Privinvest and its founders. Iskandar Safa Investigation, the lawyer said.
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