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Swiss Bank Wants Its Past Dealings in Maputo to be Forgotten

Credit Suisse has asked London’s High Court to strike out a lawsuit brought by Mozambique over the bank’s role in the $2bn “tuna bonds” scandal, claiming failures to disclose government documents mean there cannot be a fair trial. The Swiss bank and other parties are defending a lawsuit brought by the Republic of Mozambique, one of the world’s poorest countries, over their role in arranging $2bn of loans and bond issues for the country in 2013, ostensibly to fund projects including a state tuna fishery. The loans were partly concealed from the IMF and other donors, who cut support to the country after they were discovered. In 2021, Credit Suisse agreed to pay $475mn in fines and forgive $200mn of debt owed by Mozambique in a series of co-ordinated settlements with regulators in the US, UK and Switzerland over its role in the scandal. The three-day High Court hearing continues with a ruling from the judge expected at a later date.