Ex-Credit Suisse Bankers Banned in UK for Tuna-Bond Scandal Role.

The UK’s financial sector regulator banned two former senior bankers at Credit Suisse Group, who pleaded guilty in the US to being part of bribery in the $2 billion bond fraud in Mozambique.

The Financial Conduct Authority banned Andrew Pearse, who admitted to wire fraud, money laundering and receiving kickbacks worth over $45 million for his role in arranging corrupt loans to Mozambique. The authority also banned Surjan Singh after he admitted charges of money laundering and accepting $5.7 million in unlawful payments.

Credit Suisse was fined $145 million by the FCA in 2021, part of a $475 million global settlement over its failure to stop the fraud. Credit Suisse also agreed to write off $200 million of debt to Mozambique.

UBS Group AG, which inherited the case from Credit Suisse, and the US lawyers for Pearce and Singh didn’t immediately respond to emails for comment. UBS reached a settlement in a UK civil suit with Mozambique over Credit Suisse’s role in the case as it sought to resolve the numerous lingering disputes that dogged the former bank.

Source: FINANCE.YAHOO