VTB Bribe Claim May Set Back Kremlin Bank's Africa Ambitions

Bribe allegations leveled in court against a VTB Group executive may complicate the Russian state-owned bank’s attempts to recoup a $535 million loan that’s part of a major debt scandal in Mozambique, Bloomberg News reported. A New York court heard testimony last month that the VTB executive in charge of the deal, Makram Abboud, took $2 million in kickbacks. The bank denies the allegations, made by a former Credit Suisse Group AG banker at a criminal trial in which VTB isn’t a party, and its employee hasn’t been charged with any wrongdoing. Still, the accusation risks dragging VTB deeper into the controversy, which has already landed the son of Mozambique’s former president in jail. Read more