CS is said to have moved to dismiss the lawsuit
According to the Financial Times, lawyers from Credit Suisse justify the request by the fact that a fair trial is not possible.
The case concerns CS’ role in brokering more than $2 billion in loans and borrowings to Mozambique.
Photo: Angus Mordant/Bloomberg
In a court case in London against Credit Suisse in the scandal surrounding the so-called “tuna bonds” in Mozambique, the bank’s lawyers have asked that the suit be dismissed, according to the Financial Times. The Financial Times said a fair trial is not possible because Mozambique’s government does not release the documents.
The case concerned CS’ role in arranging more than $2 billion in loans and loans to the African state, which, among other things, was to be used to pay for the construction of a tuna fishing fleet. However, the funds appear to have been “misused” on a massive scale.
With the acquisition of Credit Suisse, which was completed earlier this week, UBS has also taken on extensive legal legacy cases. According to the Financial Times, a civil case in London’s High Court over the “tuna bond” is due to begin in September. In 2021, CS paid a fine of $ 475 million in a settlement with the supervisory authorities of the USA, Great Britain and Switzerland.
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