Credit Suisse: Mozambique investigations settled
(CercleFinance.com) - Credit Suisse announced last night that it had agreed to pay 475 million dollars in penalties to the US and UK to end investigations into its activities in financing state-owned enterprises in Mozambique between 2013 and 2016.
The settlement will first settle investigations by the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) in exchange for a 275 million dollar payment.
The agreement with the FCA, the British financial regulator, provides for a payment of 200 million dollars, as well as the waiver of 200 million dollars of debt owed by Mozambique.
Credit Suisse says it has also closed a dispute with FINMA, the Swiss financial regulator, over the case, as a result of which the bank has been placed under business restrictions pending an auditor's approval of new procedures and governance measures adopted by the group in the wake of the case.
The share is currently down slightly over 1% in a Swiss market that is up almost 1%.
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