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Credit Suisse, Mozambique reach out-of-court 'tuna bond' settlement

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ZURICH (Reuters) -Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the $1.5 billion-plus 'tuna bond' scandal, the Swiss bank's new owner UBS said on Sunday, drawing a line under a damaging dispute it inherited. The tuna bond case dates back to three deals between state-owned Mozambican companies and shipbuilder Privinvest - funded in part by loans and bonds from Credit Suisse and backed by undisclosed Mozambican government guarantees. Mozambique, one of the world's poorest countries, wanted to revoke a sovereign guarantee on a loan it alleges was corruptly procured and secure compensation for other alleged wrongdoing.

FILE PHOTO: The logo of Credit Suisse is seen outside its office building in Hong Kong

"The parties have mutually released each other from any liabilities and claims relating to the transactions," UBS said. The terms of the deal were not disclosed one day before a three-month London civil trial was due to start on Monday.

 

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