Ex-Credit Suisse Bankers Charged Over $2bn Mozambique Loan Scandal

Three former Credit Suisse bankers were charged by US prosecutors alongside Mozambique’s former finance minister over alleged fraud connected to the southern African nation’s $2bn hidden loans scandal, the Financial Times reported. A spokesperson for the US attorney’s office for the eastern district of New York said that three former employees of the Swiss investment bank were arrested in London on Thursday and their extradition was being sought over alleged money laundering and defrauding of US investors in the loans. The trio — Andrew Pearse, Surjan Singh and Detelina Subeva — were arrested pursuant to provisional arrest warrants and released on bail, the spokesperson said. The charges stem from a 2013 deal for Mozambique, one of the world’s poorest countries, to borrow from international investors ostensibly to fund maritime projects, including a state tuna fishery, ahead of investments in offshore gas. Read more