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.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Credit Suisse, Mozambique reach out-of-court 'tuna bond' settlementZURICH (Reuters) - Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the $1.5 billion-plus
Read more »
Credit Suisse’s Part of Casino Credit Line to Be Sold at AuctionA Credit Suisse credit line to French grocer Casino Guichard-Perrachon is being sold in an auction on Friday, according to people familiar with the matter.
Read more »
UBS Set to End Apollo Deal to Manage Credit Suisse’s SPG Assets(Bloomberg) -- UBS Group AG plans to end a deal Credit Suisse struck with Apollo Global Management Inc. for the management of assets linked to its securitized products group.
Read more »
UBS in Talks to Cancel $100 Million Mozambique Debt to End CaseUBS Group AG is in talks with the Mozambican government to forgive as much as $100 million of debt as part of a settlement over Credit Suisse’s role in a financing scandal in the African nation, according to people with knowledge of the matter.
Read more »
UBS Reaches Settlement With Mozambique Over Tuna-Bond ScandalUBS Group AG reached a settlement with Mozambique over Credit Suisse’s role in a ship-financing scandal which resolves the case between the two on the eve of a London trial that was scheduled to run for 13 weeks.
Read more »