UBS Group AG is closing in on a settlement with the government of Mozambique over Credit Suisse’s role in a ship-financing scandal in the African country to resolve the case and avoid the scrutiny of a 13-week long London trial.
Credit Suisse, which was bought by UBS in June as part of a government-brokered takeover, has made an offer which is close to being accepted, according to people familiar with the situation, asking not to be identified because the negotiations are private. Should an agreement come it’ll only be with Mozambique, one of the people said.
A spokesperson for UBS declined to comment while lawyers for Privinvest didn’t respond to a request for comment.
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