Credit Suisse Says Mozambique Liable for $622 Million Loan at Heart of Bribery Scandal

Credit Suisse has hit back against Mozambique in a case in Britain’s High Court, arguing a government guarantee for a $622 million loan - part of a $2 billion debt scandal - is valid and that it is entitled to claim damages, Reuters reported. Mozambique sued the investment bank last year, alongside a number of other defendants, in a bid to cancel the guarantee and seek compensation for losses related to the debt saga, which tipped its economy into crisis. Credit Suisse rejected Mozambique’s arguments in its defense papers and submitted a counter claim, dated Jan. 21, requesting the court declare the guarantee binding and arguing it is entitled to seek interest and damages, namely the money it says it is owed. “The claims against CSI and CSLB are denied in their entirety,” the papers said, referring to Credit Suisse International and its London branch. Read more