Credit Suisse - The African Mirror

Nov

2023

Ex-Credit Suisse chief Thiam eyes Ivory Coast 2025 presidential race

THE former chief executive of Credit Suisse, Tidjane Thiam, submitted his candidacy to lead one of Ivory Coast's main opposition parties, which could put him in the running for the 2025 presidential election. Thiam, 61, served as a minister under ex-president Henry Konan Bedie. He left the West African country after Bedie's ouster in a 1999 coup and worked for consultancy firm McKinsey, and insurers Aviva and Prudential before he was appointed Credit Suisse CEO in 2015. Five years later, he resigned from the Swiss bank following a major spying scandal in which he denied any involvement. Thiam recently returned…

Nov

2023

By The African Mirror

Credit Suisse ends ‘tuna bond’ dispute with shipbuilder Privinvest

BUSINESS

CREDIT Suisse has settled its dispute with Emirati-Lebanese shipbuilder Privinvest over a decade-old "tuna bond" scandal, resolving another legacy legal issue for the bank's new owner UBS. The Swiss lender last month settled a lawsuit brought against it by Mozambique just before a three-month trial began, which did not affect Credit Suisse and Privinvest's competing claims against one another. Credit Suisse and Privinvest said in a statement late on Monday they "reached a global settlement of all present and future disputes between them concerning disputed state-guaranteed financing transactions in Mozambique". The settlement finally extricates Credit Suisse from any involvement in the case,…

Oct

2023

By The African Mirror

Mozambique drops part of ‘tuna bonds’ claim against shipbuilder Privinvest

BUSINESS

MOZAMBIQUE has dropped a significant part of its claim against Emirati-Lebanese shipbuilder Privinvest over the decade-old "tuna bond" scandal, just days after settling its case against Credit Suisse, London's High Court heard. Mozambique's lawyer Jonathan Adkin said the African country was no longer suing Privinvest and its owner Iskandar Safa for "macro-economic loss". He did not give a figure, but a court filing by Mozambique said the republic had abandoned part of its case representing a "significant element" of the claim's value. Court documents filed last month and this week show the country, one of the world's poorest nations, has…

Oct

2023

By MANUEL, MUCARI, SAM TOBIN and KIRSTIN RIDLEY

Mozambique switches focus to Privinvest in ‘tuna bond’ case

BUSINESS

MOZAMBIQUE will turn its attention to pursuing compensation from shipbuilder Privinvest in London, officials said on Monday, after the republic struck an 11th-hour settlement with Credit Suisse over the $1.5 billion-plus "tuna bond" scandal. Mozambique Finance Minister Max Tonela confirmed at a Maputo news conference that Sunday's deal with Credit Suisse's parent UBS and some creditors only covered a 2013 loan to Proindicus, a state Mozambican company, and was "mutually advantageous". "This agreement opens the door to the possibility of restoring the confidence of international investors in Mozambique," Tonela said. The tuna bond case dates back to deals between state-owned Mozambican companies and shipbuilder Privinvest…

Sep

2023

By MANUEL MUCARI, KIRSTIN RIDLEY and SAM TOBIN

Explainer: Why has Mozambique sued Credit Suisse over the ‘tuna bonds’?

BUSINESS

MOZAMBIQUE'S lawsuit against Credit Suisse and shipbuilder Privinvest over the decade-old "tuna bond" scandal in London could pitch one of the world's poorest nations against corporate heavyweights in a $1.5 billion-plus battle next week. Credit Suisse's parent UBS and the African republic were on Friday locked in out-of-court settlement talks, according to one source in Mozambique's Attorney General Office and two sources familiar with the situation, who asked not to be named because the negotiations were confidential. The 11th-hour bid to secure a deal would allow Swiss banking giant UBS to resolve an inherited legal headache and escape the scrutiny of…

Jul

2023

By The African Mirror

“Tuna King” – Mozambique ex- Finance Minister – extradited to US to face trial

NEWS

MOZAMBIQUE'S former finance minister, Manuel Chang, was extradited to the United States from South Africa to face charges for his alleged role in a $2 billion debt scandal, the South African justice ministry said. Chang, who has denied wrongdoing, had been detained in South Africa since 2018 when he was arrested at the request of the United States on charges including money laundering and conspiracy to commit fraud. Mozambique subsequently also requested his extradition, and the two countries fought over possession of Chang via both the courts and diplomatic channels. South Africa's constitutional court denied Mozambique leave to appeal in…

Jul

2023

By KIRSTIN RIDLEY

Mozambique ‘tuna bond’ case against Credit Suisse can proceed, UK judge rules

NEWS

MOZAMBIQUE'S blockbuster lawsuit against Credit Suisse and others over the $2 billion "tuna bond" scandal can proceed to trial, a London judge ruled, despite complaints that the African nation has failed to fully disclose documents. High Court Judge Robin Knowles said it was not just, proportionate or necessary to strike out the complex case, which encompasses 11 sets of proceedings, three months before a London trial scheduled to start on October 2. But he warned: "At trial, all alternatives, including to strike out and in whole or in part, remain available." The tuna bond or "hidden debt" case has triggered litigation…

Mar

2023

By The African Mirror

Mozambique ordered to open files in Credit Suisse, Privinvest ‘tuna bond’ case

BUSINESS

KIRSTIN RIDLEY and RACHEL SAVAGE A London judge ordered Mozambique to allow access to documents held in state offices or risk derailing a blockbuster London lawsuit against Credit Suisse, shipbuilder Privinvest and others over the $2 billion "tuna bond" case. The tuna bond or "hidden debt" scandal, one of Africa's most high-profile corruption cases of recent years, has triggered a spate of litigation from Maputo to Washington. But the London case could establish whether one of the world's poorest countries can secure compensation and restitution. Judge Robin Knowles, however, told the High Court in London that Mozambique had failed in…