UBS has reached a settlement with the government of Mozambique concerning Credit Suisse's alleged involvement in a £2 billion "tuna bond" fraud
The settlement occurred just before the start of a trial in London
Credit Suisse and Mozambique have mutually released each other from any liabilities and claims related to loans and bond issues arranged for the country in 2013
These loans were meant for projects, including a state tuna fishery, but later defaulted due to alleged looting of hundreds of millions of dollars
The borrowing was partially concealed from international organizations like the IMF, leading to a reduction in support to Mozambique
UBS, working to address legacy legal issues from its acquisition of Credit Suisse, will not pay any cash as part of the settlement
Mozambique had sought $1.5 billion in damages, including economic losses following the withdrawal of IMF and donor funding
Credit Suisse previously paid $475 million in fines and forgave $200 million of Mozambican debts in a 2021 settlement
Mozambique is still suing Privinvest, alleging $136 million in bribes, while Privinvest denies wrongdoing
UBS denies knowledge of a US Department of Justice investigation into Credit Suisse's compliance with Russia-related sanctions, refuting recent inaccurate reports