Between 2013-2014, Credit Suisse arranged $1.15 billion in loans to Mozambique, supposedly for tuna fishing and maritime security. Over $100 million went to kickbacks for Mozambican officials and Credit Suisse employees. When the hidden debts were exposed in 2016, the IMF and World Bank froze support, triggering a currency collapse and sovereign debt crisis that crippled one of Africa's poorest nations. Credit Suisse was fined nearly $500 million. Three bankers were criminally charged.
Credit Suisse bankers took $100M+ in kickbacks on loans to Mozambique, triggering a sovereign debt crisis that devastated the nation
βCredit Suisse bankers arranged fraudulent loans to Mozambique, taking massive kickbacks that ultimately destroyed the economy of one of the poorest countries in Africa.β
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