Bank image: Credit Suisse Twitter.
Here’s another fascinating look — through a recent US indictment — at the looting of Africa.
This one involves alleged fraud tied to $2 billion in loans to state-owned companies in Mozambique, one of the world’s most indebted nations. Among the charges: conspiracy to violate U.S. anti-bribery law and to commit money laundering and securities fraud.
In London last week, three former Credit Suisse Group AG bankers were arrested, while in South Africa Mozambique’s ex-Finance Minister was detained, all in connection with the case, Reuters reports. The conspiracy allegedly leads to an Abu Dhabi holding company, a Russian lender, and three Mozambican state-owned firms that acted as fronts to siphon off the money.
Those state-owned companies are now reportedly bankrupt after defaulting on over $700 million in loan payments.
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Source link : https://gijn.org/stories/doc-of-the-day-a-2-billion-fraud-in-mozambique/
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Publish date : 2023-11-05 17:21:16
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